Stellar Price Analysis: XLM/USD overvalued, faces bearish correction
- XLM/USD bears stepped into the market following four straight bullish days.
- The RSI is trending inside the overbought zone, showing that XLM/USD is presently overpriced.
XLM/USD daily chart
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XLM/USD bears stepped into the market as the price dropped from $0.0901 to $0.0875 following four straight bullish days. XLM/USD is presently overvalued, given that the daily price chart is trending above the 20-day Bollinger Band and the RSI is hovering inside the overbought zone.
As such, a bearish correction was inevitable. However, the MACD shows that the overall market momentum is still bullish. The SMA 20 is looking to cross over the SMA 50 to chart the bullish cross pattern.
Support and Resistance
XLM/USD has bounced down from the $0.0901 resistance line. On the downside, there are four healthy support levels at $0.0829, $0.080, $0.0721 (SMA 50) and $0.071 (SMA 20).
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
