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Stellar price analysis: XLM/USD breaks above long-running upward trending line

FX Street
Updated:
  • XLM/USD went up from $0.0685 to $0.0697 this Friday.
  • Relative strength index (RSI) indicator is trending around 40, hasn’t crossed 50 in two months.

Stellar managed to put together two bullish days in a row. This Friday, the price of XLM/USD has gone up from $0.0685 to $0.0697. The hourly price breakdown shows us that this Thursday, the price fell to $0.0658 from $0.067, where it found support. The price went up to $0.0692 where it found resistance and went down to $0.0685 to end the day. Following that, the price went up to $0.0697, where it found resistance and dropped to $0.0688. From there on, the price went up to $0.0.697 again.

XLM/USD daily chart

fxsoriginal

As can be seen, the latest price chart went above the resistance offered by the downward trending line. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum. The relative strength index (RSI) indicator is trending around 40. RSI hasn’t crossed 50 in two months.
 

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