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7 October 2022
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Stellar Price Analysis: XLM Surge 10% While Moving Towards The 100-EMA

  • Stellar Coin is struggling under a horizontal range between $0.10 and $0.13.
  • Buyers are pushing XLM coin price up to the 100 day exponential moving average on the daily price chart.
  • The Stellar coin belonging to the BTC pair is up 8.1% at 0.000006037 satoshis.

Stellar Coin (XLM) found an immediate bullish hurdle at the $0.115 mark, the bulls barely managed to keep the asset price in the higher zone but ultimately they failed. As a result, the XLM coin started turning lower in the initial intraday trading session.

The price of the Stellar coin has been fluctuating between a wide horizontal range of support and resistance at $0.10 and $0.13 for the past several weeks. Both the bears and the bulls- manage to dominate the XLM coin, hence, prices tend to bounce and dump in these volatility areas. Any breakout and breakdown can bring opportunities for traders.

Buyers have been defending the XLM coin very well near the ideological round level of $0.10, which is still valid as a support level for upcoming trading sessions. Meanwhile, the Staller coin against the USDT pair is trading at the $0.115 mark at the time of writing along with the 3.8% intraday gain. Moreover, the XLM coin concerning Bitcoin is up 8.1% at 0.000006039 Satoshis. 

The trading volume is increasing gradually this week, as a result, it recorded at $193.8 Million over the last night. Thus, Buyers are propelling XLM coin price towards 100 day exponential moving average over daily price chart. And 20-EMA is below the current price of XLM. 

XLM Price is Still Under Horizontal Range 

Source: XLM/USDT by tradingview 

The daily price action shows a higher-low pattern after reversing from the ideological round level of $0.10.  It happens because RSI moves above the 50-level, as well as, MACD is approaching the neutral zone along with increasing histogram in the positive region. 

Conclusion 

The Stellar coin has started moving higher from the lower zone of $0.10-support. After all, the price action shows higher-lows formation above the 20 day exponential moving average. The 100-EMA stands as the next resistance level for XLM bulls. 

Support level- $0.10 

Resistance level- $0.13 and $0.20

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