Stellar (XLM) Price Analysis (May 3)
• XLMUSD looking nice, price now trades above the resistance zone in the short-term.
• Staying above EMA 50 can lead to strong growth for XLMUSD.
XLM/USD Medium-term Trend: Bullish
• Resistance Levels: $0.08, $0.09, $0.1
• Support Levels: $0.03, $0.02 $0.001
XLM/USD is trading in a bullish trend zone in its medium-term outlook. The sustained bullish pressure pushes the cryptocurrency further up at $0.076 in the resistance area during yesterday’s session.
The bears return gradually with an initial drop to $0.075 in the support area as the daily session opens today.
Price now trades above the two EMAs and the stochastic oscillator signal is pointing up at around level 87% in the overbought region, this implies the bulls may continue to dictate the market direction in the medium-term.
Hence, buyers may take a position as desired.
XLM/USD Short-term Trend: Bullish
XLMUSD chart looking nice, going in favor of the bulls. The momentum on the short-term timeframe (4 hr) is starting to turn undeniably bullish. The lack of a bearish continuation is also distinctly bullish.
The 4-hourly session opens with the formation of a bearish doji candle at $0.074 in the support area is an indication of a trend reversal, hence bulls’ gradual returns.
Price of XLMUSD is initially up at $0.075 in the upper resistance area above the two EMAs, this suggests an upward movement in the price of the crypto.
However, the stochastic signal pointing down at around level 71% in the overbought area indicates that the price of XLMUSD may likely encounter a trend reversal in the nearby days, in this case, a downtrend in the short-term perspective.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.