Tanya Abrosimova
Independent Analyst
- Stellar's XLM starts the correction from the highest level since July 2019.
- The technical picture implies that the sell-off may be extended.
Stellar's XLM tested $0.1054 during early Asian hours. This is the highest level in more than a year. By the time of writing, XLM/USD retreated to $0.0997, and thus reversed the gains from the start of the day. However, on a day-to-day basis, XLM/USD is still in a green zone with over 7% of gains.
Stellar's XLM is the 14th largest digital asset with the current market capitalization of $2.07 billion and an average daily trading volume of $550 million. The coin got a boost on the news that Stellar blockchain was integrated into Samsung Blockchain Keystore. The integration may speed up Stellar adoption as it allows users to safely store their private keys on Samsung Galaxy Smartphones.
XLM/USD: Technical picture
On the intraday charts, XLM/USD has created a top and now entered the downside correction pattern. Considering the downward-looking RSI on 1-hour chart, the sell-off may be extended with the next focus on $0.0970 ( the middle line of the 1-hour Bollinger Band and the upper boundary of the previous consolidation channel. If it is broken, the next support of $0.0920 (1-hour SMA200) and $0.0900 will come into focus. The overall bias remains bullish as long as the price stays above this area
XLM/USD 1-hour chart
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On the upside, the price should return above $0.1000 to improve the short-term technical picture and resume the recovery. The next resistance is created by the intraday high of $0.1054 and psychological $0.1100. Above this area, XLM will; enter an uncharted territory.
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