Lorenzo Stroe
Independent Analyst
- Stellar price is contained inside an ascending parallel channel on the 4-hour chart.
- The digital asset faces one critical resistance level before a move towards $0.41.
- There is one indicator that suggests XLM might need to see a correction first before another leg up.
Stellar has been trading inside a strong uptrend for the past week and it’s on the verge of another significant breakout in the short-term. The digital asset has reached a market capitalization of $8 billion and aims to overtake Bitcoin Cash for the 10th place.
Stellar price can promptly jump to $0.41 if this level cracks
On the 4-hour chart, Stellar has established an ascending parallel channel with a resistance point located at $0.362. Breaking above this level will drive Stellar price towards a high of $0.41, a 13% move determined by using the height of the pattern as a reference point.
XLM/USD 4-hour chart
Additionally, the MACD flipped bullishly again strongly for the first time since January 28 which managed to push XLM by more than 50%. This adds more credence to the bullish outlook described above.
XLM/USD daily chart
However, on the daily chart, the TD Sequential indicator has just presented a sell signal for the first time since November 24, 2020. Validation of this call can drive Stellar price towards the psychological level at $0.30 for a retest.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Hedera price surges more than 25% following a spike in trading volume
Hedera price surges more than 25% on Monday after rallying 64% last week. The rally was fueled by Canary Capital, which submitted an S-1 registration to the US SEC for an HBAR ETF, offering investors exposure to the crypto asset’s price.
Robinhood CEO calls UK approach to crypto “backwards”
Robinhood CEO Vlad Tenev criticized the UK’s restrictive crypto policies, comparing them to regulated gambling. Concerns grow over crypto trading addiction, with a significant amount of traders relating it to gambling.
Bonk holds near record-high as traders cheer hefty token burn
Bonk (BONK) price extends its gains on Monday after surging more than 100% last week and reaching a new all-time high on Sunday. This rally was fueled by the announcement on Friday that BONK would burn 1 trillion tokens by Christmas.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates after a new all-time high
Bitcoin price consolidates between the $87,000 to $93,000 zone. Ethereum's price is nearing its support level of $3,000; a close below would cause a further correction.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.