Stellar (XLM) has been able to reap the fruits of the upward trend it has caught for a while. As we have said for a long time, the asset is constantly showing its rise to new local peaks.
The asset managed to rise to $ 0.6 during the day. This news, which came earlier in the day, resulted in a retreat with profitability from the level.
Stellar Short Term Indicators
For some time, the expected Stellar increase required it to move to a resistance point at the $ 0.54 levels, as stated in previous articles. So much so that the asset, which defended for a while against the resistance that met itself at these levels yesterday, continued to rise after the resistance.
SAR data changed the location of the oversold point to the buying point on the hourly charts. However, B. Bands turned again towards the contraction on the hourly chart. RSI and Stochastic RSI are moving to a more favorable level after peak. The CMF is still functioning positively, and the Balance volume indicator might say it supports the rise as two parameters indicating the presence of demand in a fairly high area. One downside is in the hourly review of MACD data for now. The coming hours should be examined, there may be regulations.
Stellar is currently at the level of $ 0.55. It can be said that the 0.54 dollar made itself accepted as a local support point. The bulls are taking action to raise the price back to $ 0.6. In particular, $ 0.6 may be tempted to retest in the next hours. For this, bulls will have to scrape transactions from speculative investments under the influence of demand.
Another issue is if the price bounces back. In this case, accepting $ 0.54 support may be insufficient. This possibility carries the risk of pulling back the price some more. It can come down to $ 0.48. It can also be considered as a new opportunity for investors looking for buying opportunities.
Stellar is fighting with all its might to keep up with the long-awaited momentum. After passing these levels, as expected, the possibility of a road to 1 dollar will be inevitable. Especially good evaluation of Ripple deficiency strengthens this possibility.