XLM bulls harvest volume at $0.36 while Stellar price aims higher
|- Stellar price saw bulls rejected from further upside at $0.40 historical level.
- XLM price bounced off two technical supports on the day before.
- Expect a retest of the trend line and see bulls squeezing prices higher to $0.45.
Stellar (XLM) price fluctuates a little further after the move in cryptocurrencies that rattled global markets on Wednesday. With the fade in XLM price action, bulls got a window of opportunity at around $0.36, with two technical elements supporting bulls and limiting bears in their tracks. Expect momentum to build further in favor of bullish action with a pop toward $0.45 by next week.
XLM price forms bullish signals with $0.45 as the price target
XLM price saw bulls picking up quite some volume at $0.36, with the monthly pivot providing support and the 200-day Simple Moving Average (SMA) backing it up and offering a buy-opportunity. With that, a bullish trend channel formed that should provide further support in the coming days and generate additional upside potential for Stellar price action. Expect a retest of $0.40 at first, which should easily break now after bulls regained new force in the dips at $0.36.
XLM/USD daily chart
XLM price will surely see bears retesting the purple ascending trend line, to test how strongly the conviction currently is amongst XLM bulls. Expect this purple ascending trend line to hold support and squeeze price action further upwards against $0.40 in a bullish triangle within the newly formed trend channel. Once through there, it is an open road towards the monthly R1 resistance level at $0.45. Bulls will get a little bit of help by then from the 55-day Simple Moving Average crossing the 200-day and forming a golden cross that should propel even more buy-side activity and further support bulls in their uptrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.