XLM Technical Analysis: Bullish Recovery Plans a 20% jump

XLM Technical Analysis: Bullish Recovery Plans a 20% jump

XLM coin price shows a rising trend momentum with the 50-day breakout, which may shortly reach the $0.070 mark with the 100-day EMA breakout. Key technical points:

  • XLM coin price approaches the $0.050 mark.
  • In addition, it breaks above the 50-day EMA.
  • Finally, the 24-hour trading volume of Stellar is $83 Million, marking a 27.49% rise. 

Past Performance of XLM

The XLM coin price shows a phenomenal bullish recovery from the $0.035 mark resulting in the 50-day EMA. The recovery shows an increased bullish momentum evident by the jump in trading volume and the % long engulfing candle. Hence, the breakout of the long-coming dynamic resistance by the 50-day EMA marks a bullish milestone.Source-Tradingview

XLM Technical Analysis 

XLM coin price jump comes after a short consolidation at the $0.035 mark which created a bottom for the upcoming reversal. The range breakout unleashes the trapped bullish momentum and projects an uptrend possibility to $0.070.  The crucial EMAs (50, 100, and 200) project a bearish alignment, but the 50-day EMA breakout results in a price jump closer to the 100-day EMA. Furthermore, the price may outperform the 100-day EMA as the buying pressure grows.

RSI Indicator: The RSI slope reverses the long-coming uptrend with the slope touching the overbought boundary. Furthermore, the 14-day SMA mimics the uptrend and crosses above 50%.

MACD Indicator: The MACD and signal lines project an uptrend with minimum bullish spread as they approach the zero level. In a nutshell, the XLM technical analysis gives a solid bullish signal with the breakout possibility of the 100-day EMA.

Upcoming Trend 

The XLM coin price action projects a boom in buying pressure with the 50-day EMA that may shortly result in an upside rally if the prices close above the 100-day EMA. Hence, an upside potential of 20% if the buyers maintain trend control. However, a downside possibility is the 50-day EMA fallout resulting in the fall to the $0.040 mark. Support Levels: $0.045 and $0.040 Resistance Levels: $0.060 and $0.070

Source

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