Stellar market update: XLM/USD stands out in a bearish market after gaining 8%
- Stellar leads the crypto market in recovery ahead of the weekend session.
- The price is back in the rising channel and support by SMA 50 and SMA 100.
Stellar is defiantly bullish on Friday at the beginning of the European session. The digital asset has spiked over 8% on the day following a correction above the Simple Moving Averages (SMAs) on the four-hour chart.
Prior to the current bullish correction, Stellar dived under an elongated rising channel. Luckily, support established at $0.0575 allowed for a recovery towards $0.0675. On the upside, XLM’s recovery has touched $0.0733. The price action has since adjusted to $0.06961.
The Relative Strength Index (RSI) is entering into the positive region as a sign of the bullish pressure at its peak. Similarly, the Moving Average Convergence Divergence (MACD) is back above the zero line. Its bullish cross put emphasis on the existing buying power. However, traders should be on the Lookout for the RSI's retreat from the overbought as it will signal a reversal.
XLM/USD four-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
