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Cryptoknowmics 2022-06-03 11:07:38

XLM Technical Analysis: Will Stellar Prices Surpass $0.15?

XLM price experiences a growing bullish influence as the uptrend prepares to exit the consolidation range with the 50-day EMA providing overhead resistance. Key technical points: The XLM market value increased by 6.65% today at press time. The buyers attempt to surpass the $0.15 barrier. The 24-hour trading volume of Stellar is $234 Million, indicating a drop of 2%. Past Performance of XLM The bullish reversal on 14th March from $0.16 failed to surpass the resistance level at $0.24 resulting in the bearish trend we saw in April and early May. The bullish failure led to a downfall which cut the market value in half resulting in a fall below $0.15 to take support at $0.10 which helped the reverse the falling trend. However, the reversal rally struggles to surpass the resistance confluence of the 50-day EMA and the $0.15 mark. Source- Tradingview XLM Technical Analysis XLM/USD price chart showcases the 50(red), 100(blue), and 200(black)-day EMAs in a bearish alignment but developing a sideways shift as the market value inflates. Therefore, the breakout of the 50-day EMA will increase the likelihood of a price jump reaching the $0.18 mark, close to the 100-day EMA. The RSI slope shows a bullish trend surpassing the halfway line and driving the 14-day SMA higher to exit the nearly oversold zone. Furthermore, the MACD indicator shows the fast and slow diverging to regain the bullish alignment and rise higher to approach the zero lin...

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