XLM Technical Analysis: Will Stellar Dive Up Back To $0.10?

The XLM technical analysis shows strong bullish momentum in the market as RSI is breaking the overbought zone with prices teasing the $.0.90 mark. Registering a remarkable recovery from a recent market crash, Stellar (XLM) delivered a growth of 4.9% in the last 7 days. A slight rise of 2.68% in the market valuation to $2.25 billion also confirms the underlying bullishness in the market. Despite a drop of 12.60% in 24-hour trading volume to $85.31 million, the token managed to rise by 2.61% over the last 24 hours, with prices recovered from $0.085 to $0.088. The token is again on the uptrend after a recent slash as buyers are finding multiple opportunities.

Key Points

• With multiple low-price rejections, XLM price action shows a bullish trend
• The 200-day EMA moving along the support line confirms the uptrend
• The intraday trading volume in XLM is $85.31 million, reflecting a drop of 12.60%

Source Tradingview

XLM Technical Analysis

As the price action shows the XLM is on an upward trend with exponential demand among buyers. The price line with several higher highs and higher lows is indicative of an upward trend in the market with multiple low-price rejections candles. After a slight recent slash, prices have again pulled back to another bull cycle after facing opposition from 200-day EMA. If the present momentum continues the token will beach above $0.090. Whereas if XLM returns to a bearish reversal falling below $0.086 could not be undermined.

Technical Indicators

Making a bullish divergence, the RSI line steeply breaching the overbought boundary with a 14-day SMA below the mean point projects strong buying pressure in the market. Moreover, the rising gap between fast and slow lines after giving a bullish crossover on an upward-moving histogram shows a bull cycle in the market. The technical indicators show bullish reversal momentum after a recent drop. However, the jump in the overbought zone may witness a slight plunge in demand with opportunities for traders.

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