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Stellar (XLM) Exhibits Bearish Crossover on the Hourly Chart
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[Image: Stellar-Lumens-Cryptonewsz-08.jpg]
Stellar (XLM) Exhibits Bearish Crossover on the Hourly Chart

  • Stellar, at the time of penning down this analysis, was trading at $0.070 and retained support from the 50-day and 200-day MA on the daily chart
  • Over the past two months, XLM price has grown from the utter bottom of $0.0422 to a 90-day high at $0.088, marking a progression of over 108%
  • The current trading zone is exposed to volatility in the upcoming days and the coin trades below 38.20% Fib Retracement level
  • Consistent lower high trend formed on the hourly chart may become a matter of concern if the altcoin fails to gain the momentum

XLM against US Dollar lacks support from the 50-day and 200-day MA on the hourly chart, while, on the daily chart, we see a “golden crossover.”


Stellar Price Analysis

[Image: Stellar-Price-Chart-4.png]

Analyzing the daily XLM/USD movement on Coinbase, we see that the coin has been showing signs of strength as the price trend has been hitting above the 20-day upper Bollinger Band.

Moreover, the much-awaited “golden crossover” that took place in the previous week is likely to pump in growth and momentum. XLM price is supported by 50-day MA at $0.063, followed by 200-day MA at $0.061.

Also, we cannot underestimate the potential of Stellar Lumens as it gained over 108% in just two months, marking a fresh 90-day high at $0.088.

[Image: Stellar-Price-Chart-1-2.png]

Comparing the daily XLM movement with that of hourly change, we see that the coin is on a continual downswing, forming consistent lower highs as it trades below 38.20% Fib Retracement level.

On the other hand, the Stellar price fails to retain support on the hourly chart. Overall, the intraday appears bearish, and a further dip can lead the coin to test supports below $0.070.





source https://www.cryptonewsz.com/stellar-xlm-...art/59238/
by Mehak Punjabi
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