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XLM Technical Analysis: Price Took Crucial Support at $0.32 and Broke Previous Resistance at $0.37

cryptoknowmics.com 14 October 2021 09:28, UTC
Reading time: ~2 m

Stellar is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked — but soon afterward — its priorities shifted to helping financial firms connect through blockchain technology. Jed McCaleb founded Stellar with the lawyer Joyce Kim after leaving Ripple in 2013 over disagreements about the company’s future direction. Let's look at the technical analysis of XLM.

Past Performance of Stellar

The XLM opened on 7 October 2021 at $0.3577. The week ended with a close at $0.3677 on 13 October 2021. There was an overall change of +2.7%.

Source: https://www.tradingview.com/x/dUar6TGc/

XLM Technical Analysis

There was a gradual decrease in the prices in the first part of the week. The price then took crucial support at $0.32 and started increasing. It broke the previous resistance at $0.37.

The current trading price of XLM is $0.373, which is 1.49% higher than yesterday. The price can be expected to take an uptrend as it has broken the previous resistance at $0.37.

OBV is showing an increase in buying pressure in XLM for the last 2-3 days. This means that the buying pressure is dominating the selling pressure, which is a bullish signal. Traders may take a long position here.

RSI is also increasing. It is currently at 61.97%, which is again a bullish signal. Traders may take a long position.

MACD is showing that the fast line and the slow line are moving towards the positive region. The gap between them is constant, and the fast line is above the slow line. This is again a bullish signal. Traders may take a long position.

Day-Ahead and Tomorrow

Fib retracement shows that the XLM price took support from the Fibonacci level at $0.33. The price has crossed the next fib target at $0.37, which is again a signal to take a long position.

Thus, traders may take a long position here by keeping the target at $0.39 and placing the stop-loss at $0.327. However, the trend may go down as a proper uptrend has not started yet.

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