Stellar price analysis: XLM/USD down 1.7% despite the recovery on the cryptocurrency market

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  • XLM/USD is the worst-performing coin out of Top-10.
  • The resistance at $0.2150 limits the upside potential.

Stellar (XLM) is changing hands at $0.1995, down 1.7% on a daily basis. The coin is in retreat even as other major cryptocurrencies are recovering from the recent slump. Stellar is the open source cross-asset payment framework that forked from Ripple in 2014. Now it takes the 6th place in Top-10 cryptocurrencies with market value $3.7B, and the average daily trading volume settled at $58M.

Stellar’s decline is a bit of mystery as there are no fundamental factors that can explain the sell-off. XLM/USD touched $0.2148 on Thursday but failed to break above the resistance created on approach to $0.2150 level.  

On the intraday basis, XLM/USD is supported by SMA50 (4-hour charts) at $0.1984 level. Once it is cleared, the downside may be extended towards $0.19 and $0.1818 (September 11 low). On the upside, psychological resistance $0.20 needs to be taken off to open up the way to  $0.2104 (78.6% Fibo retracement) and Thursday’s high at $0.2148. The ultimate bull’s goal is created by $0.24 (61.8% Fibo retracement). This level has been limiting the recovery since the beginning of August. 

XLM/USD, 4-hour chart

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