- Stellar extends the bullish action amid a general retreat for bulls cross the market.
- Technical indicators suggest resilience among the bulls and ability to push for higher correction in the near-term.
Stellar is arguably the best performer among the top ten cryptocurrencies. For three days in a row, the cryptoasset has posted incredible gains assuring investors of a brighter future. Initially, the gains came as a ripple effect to the bullish wave that stirred the altcoin market. Bitcoin remained mostly depressed ignoring the brief altcoin boom. In fact, the largest cryptocurrency went ahead to post declines below $10,000 and even refreshed $9,600 support.
Meanwhile, Stellar is trading 13% higher in the last 24 hours after making headway above the 100 Moving Average (MA). The breakout was unstoppable at various resistance zones including $0.065, the 38.2% Fib resistance level taken between the last swing high of $0.089 to a swing low of $0.058, $0.075 and $0.080.
XLM/USD 1-hour chart
The bullish action extended to the swing high $0.089 before the bears swung. The correction across the market on Thursday is mostly driven by Bitcoins plunger to $9,600 saw Stellar trim gains to the support at $0.075. However, recovery has been underway towards the current immediate hurdle at $0.085.
Also providing support to the crypto asset currently exchanging hands at $0.083is the short-term ascending trendline. Other key support areas are the above-mentioned resistance areas that have since turned into potential support areas starting with $0.075, the 38.2% Fib level at $0.07 and $0.065. The major support is observed at $0.055 while the 100 MA on the hourly chart will cushion the drop as well.
The various technical indicators applied on the chart such as the relative strength index and the moving average convergence divergence show the resilience of the bulls to sustain the gains across over the past few days.
Stellar Key Technical Levels
Spot rate: $0.0827
Trend: Generally bullish
Support: Multiple strong support areas
Resistance areas: $0.085 and $0.1
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