XLM smashed a crucial resistance level and gained strong bullish momentum past the $0.0980 level against the US dollar. The XLM price is showing some bullish signs and it could continue increasing towards $0.1200 as we are reading more in the upcoming Stellar news.
There was a sharp upward movement from $0.0880 support zone against the US dollar and the price managed to break the $0.0980 resistance area, trading to a new monthly high of $0.1053. There’s a key bullish trend line forming with a support of $0.0950 on the 4-hour charts of the XLM/USD pair and it will likely continue higher towards $0.1200 as long as it is above $0.0950.
Over the past few days, XLM smashed a crucial resistance level above $0.0850 against the US dollar and continued on a fresh increase above $0.0920 and the $0.0950 resistance levels, surpassing ETH, Ripple, and Bitcoin. It opened the doors for more gains as the price settled well above the 100 simple moving average. The bulls pushed the price above $0.1000 level and the new monthly high is formed close to the $0.1053. XLM is now consolidating gains close to the $0.1020 support level while the immediate support is close to the 23% Fib retracement level of the recent rally from the $0.0887 low to the $0.1053 high. XLM was trading above $0.1000.
There’s also a key bullish trend line forming with a support of $0.0950 on the 4-hour charts of the XLM/USD pair and the trend line is getting close to the 50% fib retracement of the recent rally from $0.0887 low to the $0.1053 high. On the upside, the $0.1050 level is an immediate resistance while a successful break above the recent high could open the doors for more gains to $0.1200 levels in the upcoming days. If the XLM price corrects lower, the bulls will protect the $0.1000 level and the main uptrend support is close to the $0.0950 level.
A downside break below the $0.0980 and the $0.0950 support level could start a bigger decline towards the 100 simple moving averages while the 4-hour MACD for XLM is gaining momentum in the bullish zone. The 4-hour RSI is now well above the 60 levels while the major support levels include $0.1000, $0.0980, and the $0.0950. The major resistance levels include $0.1050, $0.1120, and $0.1200.
As previously reported, Stellar saw huge growth over the past few days with about a 33% increase since the start of the month. In the meantime, it started to show positive signs after exhausting the bearish level in June at around $0.057 which is now holding the monthly support.
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