Stellar Price Analysis: XLM/USD consistent bullish action closes in on $0.1

• Stellar price persistent bullish actions could soon hit the psychological $0.10.
• XLM/USD is holding comfortably in the hands of the bulls with the RSI and in overbought.

Stellar has been on an upward roll since June 25 when a rejection from the main hurdle at $0.09 embraced support at $0.06. The 100-day SMA was also instrumental to the support and the recovery that followed. XLM.USD pushed above $0.07 as well as the seller congestion at the 50-day SMA. Gains have been consistent especially during the Asian session on Thursday.

The technical picture is strongly bullish as per the signals from various indicators. The RSI is holding the ground above 70 (overbought region). As long as the trend remains to the upside, Stellar is likely to push closer to $0.09.

The same bullish momentum is accentuated by the MACD’s movement above the midline. Moreover, there is a bullish divergence from the MACD which shows that buyers have the upper hand.

Gains above $0.09 would ignore a possible double-top pattern and pave the way for more action leading to $0.10. For now, holding above $0.08 is key to the next run-up eyeing $0.2. However, if push comes to shove and a reversal comes into the picture, support can be anticipated at the 50-day SMA, $0.07, the 100-day SMA and $0.06.

XLM/USD daily chart