Stellar (XLM) May Keep Bullish Bias Intact if it Surpasses 200-Day EMA
Stellar is already on the way of recovery at a slow pace as the market has witnessed a shrink for the second time after mid-March. It seems as though Coronavirus is just not ready to leave us despite such widely spread lockdowns.
Stellar Price Analysis
Over the last two days, XLM coin has seen a few ups and downs. The currency has traced an inverted head & shoulder pattern showing that the coin may trade with an inclination towards the upside.
The rebound has just faced rejection at $0.067; at 50% fib level. The price of Stellar Lumens is now in the middle of the 50% and 38.20% Fib level.
To be able to explore the upside, the bulls need to reach above the 78.60% fib level. If they succeed, the coin might face further resistances at $0.073 price level. The XLM coin has not even completed 50% of its recovery. Notably, the currency was trading firmly above $0.072 till May 10.
When Stellar price reached as low as $0.063, Bitcoin tested supports below $8800. At present, the currency is testing resistance around $0.066. Apparently, it will take time to strike a full recovery, considering the current hard times.
The XLM/USD is a little away from crossing the 200-day EMA line. Also, the Bollinger bands have just opened up to see more volatility, hopefully on the upside. The MACD indicator, too, is on the positive side right now.