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Cryptoknowmics 2022-07-01 14:28:03

XLM Technical Analysis: Will Stellar Prices Surpass The 50-day SMA?

XLM prices action shows a lower price rejection candle forming near the $0.10 mark projecting the possibility of a morning star pattern. Key technical points: The XLM market price has increased by 4.90% over the past 24 hours. The price action warns of a higher price rejection in the last two daily candles. The 24-hour trading volume of Stellar is $199 Million, indicating a rise of 16.23%. Past Performance of XLM XLM prices show a downtrend with the 50-day SMA (red) providing dynamic resistance and leading to a 50% after the bearish crossover with 100-day SMA (orange). However, the buyers maintain the market price floating above the psychological mark of $0.10 potentially leading to a double bottom pattern. On the other hand, the 50-day SMA maintains a bearish trend in motion leading to a downfall and minimizing the range of bullish turnarounds. Source- Tradingview XLM Technical Analysis The XLM price action shows a lack of bullish commitment as the lack of trading volume warns of a downfall under the $0.10 mark. Hence, traders should avoid entering early in the hope of a double bottom breakout. The MACD and the signal lines display an increase in the bearish influence leading to a crossover under the zero line. Furthermore, the shrinking bullish histograms suggest an upcoming crossover to return to the bearish alignment. Thus, the indicator reveals an underlying incline in bearish sentiments. The RSI indicator indicates the s...

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