The Stellar XLM gains in the recent days have been impressive and the pair is looking bullish as the coin is lurking around for a surge and trading in a medium-term wedge formation. The daily chart reveals that the XLM cryptocurrency is maintaining an upward trend in the long run.
At the time of writing, the cryptocurrency is up by 1.21% and may continue to fall as long as the selling pressure remains on the market. For now, the $0.06 region has been established and there is a new support and resistance for the market.
Speaking of which, the Stellar news show that the market could additionally move above the 9-day and 21-day moving averages. That said, the next level of resistance could be $0.065 and a significant drop below this may result in support near $0.052, $0.055 and $0.057, respectively.
More so, if the Stellar gains remain and the price continues to rise, XLM/USD could engage in immediate resistance at the $0.070 as well, and test these levels before breaching through $0.080. In reality, the cryptocurrency news experts said that the one cent value is a major goal for Stellar’s XLM coin.
On the other hand, if we look at the daily chart, we can easily see that the coin is close to the short-term support at $0.55. A significant drop below this support may result in new technical support at $0.056, $0.58, while the RSI faces the west at the signal line moves in the same direction.
Looking at the daily chart, The Stellar XLM gains show that the pair is trading on the upside of the descending channel and moving below the 9-day and 21-day moving averages at 665 SAT. If the bears continue pushing the coin to the south, Stellar (XLM) could see a sharp drop at 600 SAT support level.
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Moreover, as long as the green line sustains and the profit trend is on, the RSI keeps moving in sideways which indicates an indecisive market movement. The current exact value of XLM is $0.06114 with an impressive uptrend overnight.
In the other coin news, we can see that BTC is above $9,100 for the third day in a row, while Ethereum has added 3% and is now trading at $244, making ETH the biggest gainer in the top 10.
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