Stellar Breaks Long-Term Resistance, Recovery Underway?

Stellar has sought to advance on its chart in recent trading sessions. Within the previous 24 hours, the value of XLM has increased by nearly 4%.

Stellar, on the other hand, did not see a price gain on the weekly chart. Nonetheless, the altcoin has finally broken over a multi-week resistance level, and its technical outlook is bullish at the time of writing.

As accumulation increased on the chart, buying power and demand for XLM increased. Furthermore, the altcoin has risen above its bearish order block, which was previously located at the $0.094 price level.

The demand on its chart must continue continuous because the overhead resistance level remains critical for the altcoin.

Assuming that XLM reaches the $0.100 price level, the recovery is most likely beginning. Other cryptocurrencies have shown strong price moves on their individual charts, with Bitcoin growing by 7% on its daily chart.

Furthermore, the market capitalization of XLM has increased, indicating an increase in demand.

One-Day Price Analysis: Stellar

As Stellar entered the $0.100 zone, buyers were triggered, and a move over the overhead barrier might push XLM into overbought territory.

The immediate resistance level was $0.108, and a break over this level would allow XLM to target $0.113.

The volume of XLM traded in the previous session was green, indicating greater buying power. Stellar, on the other hand, had support at $0.102 and subsequently at $0.098. If XLM falls below $0.098, the bears may return.

The altcoin has recently had a positive trend on its chart following its crossing of the $0.100 barrier. On the chart, the Relative Strength Index was above 60, indicating high demand. Similarly, as demand grows, XLM has surged over the 20-Simple Moving Average line.

These tendencies indicate that buyers are in charge and driving the market’s price movement. However, a price reversal could occur if the 200-SMA line crosses over the 50-SMA line, resulting in a death cross. This could cause the altcoin’s price to fall.

On the one-day chart, XLM has established sale signs that correspond to a potential death cross. Price momentum and reversal have been portrayed using the Moving Average Convergence Divergence, with red signal bars signifying sell signals.

The price direction is depicted by the Parabolic SAR, which has dotted lines appearing above the price candlestick, signalling the start of a downward trend.

However, if purchasers maintain their faith, this anticipated reversal may be temporary.

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