Stellar News

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.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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Erica Lee