Home Stellar Price Analysis: XLM/USD overvalued, faces bearish correction
Crypto News

Stellar Price Analysis: XLM/USD overvalued, faces bearish correction

FX Street
Updated:
  • XLM/USD bears stepped into the market following four straight bullish days.
  • The RSI is trending inside the overbought zone, showing that XLM/USD is presently overpriced.

XLM/USD daily chart

XLM/USD daily chart

XLM/USD bears stepped into the market as the price dropped from $0.0901 to $0.0875 following four straight bullish days. XLM/USD is presently overvalued, given that the daily price chart is trending above the 20-day Bollinger Band and the RSI is hovering inside the overbought zone. 

As such, a bearish correction was inevitable. However, the MACD shows that the overall market momentum is still bullish. The SMA 20 is looking to cross over the SMA 50 to chart the bullish cross pattern.

Support and Resistance

XLM/USD has bounced down from the $0.0901 resistance line. On the downside, there are four healthy support levels at $0.0829, $0.080, $0.0721 (SMA 50) and $0.071 (SMA 20).
 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024