Sirwin
Sirwin

Stellar: fasten your seat belts, maybe a rally of 50% or more

By World Crypto | World Crypto | 4 Jun 2020


The Stellar (XLM) course has probably launched a new bullish trend. A breakdown of the current resistance level should accelerate the growth rate of both XLM / BTC and XLM / USD.

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The popular crypto community trader Posty (@PostyXBT) informed its readers about the attractive prospects of the XLM cryptocurrency, if only she could break through and turn the current resistance area into support.

“The daily XLM chart offers an unbelievably attractive risk / reward ratio IF the market overcomes resistance. Price spent in this 60% range for almost a year. First goal: + 75%, ”he wrote.

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The resistance Posty speaks of is located around 920 Satoshi. The last time the price rebounded from it on April 28th. However, after the decline, the XLM course found support in early June above the level of 720 satoshi and since then began to actively strengthen.

In addition, 50- and 200-day moving averages (MA) formed a bullish intersection, and the pair is trading above both of these MA. This may indicate that XLM has already launched a bullish trend.

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On the weekly chart, you can see the formed double bottom in combination with bullish divergence signals according to RSI. This may promise a price breakdown of the aforementioned resistance and further growth.

In addition, the weekly RSI for the first time since 2018 crossed the mark of 50. This may also be a sign of the imminent launch of a bull trend. If this really happens, the next important resistance will meet the pair only in the area of ​​1700 Satoshi, where the Fibo level 0.5 of the correction of the entire bearish move and the previous resistance area are located.

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XLM/USD

The XLM / USD is also under the influence of increasing signals of bullish divergence on the RSI. The price formed three lowering lows, but the RSI noted identical lows. This is a sign that the pair may be heading north.

However, trading also takes place inside the important area of ​​resistance of $ 0.082, above which the market has not broken through since September 2019. In the case of a bullish breakdown (which seems very likely, taking into account the RSI dynamics), the next resistance located in the region of $ 0.15 will come into play.

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Thus, both XLM / BTC and XLM / USD are traded within important areas of resistance, the breakdown of which can lead to an aggressive rally of the currency by 50% or more. Technical indicators give bullish signals, promising XLM a successful bullish breakthrough.

 

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World Crypto
World Crypto

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