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Stellar market update: XLM/USD trapped in a range, stable despite the sell-off
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[Image: logo-3-e1552655775362.png]
Stellar market update: XLM/USD trapped in a range, stable despite the sell-off on the market

  • XLM/USD has been range-bound after a sharp sell-off during the previous week.

  • Strong resistance at $0.06 might limit the recovery.

Stellar (XLM) has been under pressure lately losing 14% of its value in recent seven days. At the time of writing, XLM/USD is changing hands at $0.0570, mostly unchanged both on a day-on-day basis and since the beginning of Monday. Stellar is the tenth-largest cryptocurrency with the current market value of $1.16 billion and an average daily trading volume about $164 million, which is nearly half as much as on Friday, September 27.

Stellar's technical picture

XLM/USD has been moving in a tight range limited by the lower and the upper lines of four-hour Bollinger Band at $0.05656 and $0.05920 respectively. On the upside, the next resistance is located at psychological $0.06. This barrier is strengthened by SMA50 (Simple Moving Average) on a four-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0635 (SMA100 four-hour) and $0.0700.

On the downside, once the above-mentioned the lower line of four-hour Bollinger Band is broken, the sell-off may be 
extended towards the recent low of $0.0524. The critical support is created by psychological $0.0500. 

XLM/USD, the four-hour chart

[Image: XLM:USD-637054253666944972.png]

by Tanya Abrosimova

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