Bullish XLM Trading Within a Price Range of $0.42-$0.47
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Bullish XLM Trading Within a Price Range of $0.42-$0.47

February 12, 2021      Ankita Awasthi

XLM has been doing quite well as an altcoin. We are following the trend on a daily and weekly basis. The closing price of XLM on February 11, 2021, was $0.46. The price has surged by approx.12% in the past several hours. It has been successful in breaking out of the first and second Fibonacci pivot resistance levels of $0.44 and 0.46, respectively.

Past 24-Hour Trends

In the past 24 hours, XLM is trading within a price range of $0.42-$0.47. Thus, the last 24-hour trend has been bullish.

XLM Price Analysis

https://www.tradingview.com/x/yQOLcMdu

XLM Trading – Today and Tomorrow

Currently, XLM is trading at $0.45. It has fallen from the opening price of $0.46. However, the price has gone above the SMA and EMA lines. Thus, the price uptrend may resume.

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The A/D and OBV indicators are falling. The A/D indicator has fallen more steeply. This means there is heavy offloading by whales. Distributions or selling pressures are high. Therefore, the price can decline.

The EOM indicator and the price have started rising steadily. This implies that the price uptrend may resume with relative ease.

The MACD and signal lines are negative. However, they are approaching the zero line and may become positive soon. Moreover, a bullish crossover by the MACD line over the signal line in the negative territory indicates a potential trend reversal.

Presently, the RSI is at 51%. An hour back, the RSI had touched the 30% mark. Since then it has been rallying. It is a strong buy signal for swing traders. Buying activity is gradually surpassing selling activity in the market. Thus, the price will steadily move upwards.

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The AO indicator is negative. However, the ‘sell’ signals have become weaker and the indicator will turn positive soon. So, we can expect the price to rise.

Moreover, a bullish crossover by the Aroon up line over the Aroon down line is a strong indication of a price uptick. The ADX line is also rising. This means the market is healthy and the bullish momentum is strong.

Currently, the price is closer to the 23.6% FIB retracement level of $0.458. If the price crosses this mark, then we can be assured that the price pullback has been arrested. The price is poised for an uptrend.

The current price is just above the Fibonacci pivot point of $0.45. If it manages to break out of the first and second Fibonacci pivot resistance levels of $0.47 and $0.48 respectively, by the end of the day, then the bull-run of XLM will continue tomorrow as well.

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#Stellar #XLM
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.