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Stellar (XLM) started a strong increase above the $0.100 resistance against the US Dollar. XLM price is trading nicely above $0.110 and it could continue to rise towards $0.120 or $0.1250.
- There was a steady increase in Stellar’s token price above $0.100 against the US dollar.
- It is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair (data source from Kraken).
- The pair is likely to continue higher towards $0.1200 and $0.1250 as long as it is above $0.0980.
Stellar (XLM) is Gaining Bullish Momentum
After forming a strong support base above $0.0750, stellar (XLM) saw a strong increase above $0.080 against the US Dollar, similar to Bitcoin and Ethereum.
The price gained over 20% in a few days and was able to clear the $0.10 resistance zone. It even cleared the $0.110 level. A high is formed near $0.1108 and the price is now consolidating gains. XLM price is now trading above $0.1080 resistance and settle above the 100 simple moving average (4-hours).
It is positioned above the 23.6% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high. There is also a major bullish trend line forming with support near $0.098 on the 4-hours chart of the XLM/USD pair.
Source: XLMUSD on TradingView.com
On the upside, an immediate resistance is near the $0.1108 level. The next major resistance is near the $0.1150 level, above which the price could test $0.1200. A close above the $0.1200 level might start a steady increase towards the $0.1250 and $0.1265 levels. The next major stop could be $0.1300 or even $0.1320.
Dips Supported in XLM?
If XLM price struggles to continue higher, it could start a downside correction. An immediate support on the downside is near the $0.105 level or the 50% Fib retracement level of the recent increase from the $0.0998 low to $0.1108 high.
The next major support is near the $0.100 level or the trend line. A clear break below the $0.0980 support zone could spark a fresh decline. The next major support on the downside is near the $0.0900 level.
Technical Indicators
4-hours MACD – The MACD for XLM/USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for XLM/USD is currently well above the 50 level.
Major Support Levels – $0.1050, $0.1000 and $0.0980.
Major Resistance Levels – $0.1108, $0.1200 and $0.1250.