Stellar’s price bounces off crucial support at $0.20 to start a significant recovery. XLM’s V-shaped recovery could boost the price to $0.24. Stellar must overcome the resistance at the 50 SMA to sustain the uptrend. From July 12, Stellar price started a downtrend that saw it shed around 12% of its price by July 14. On same day, XLM started a V-shaped recovery which we correctly predicted that it would rally to $0.25. This prediction was validated when Stellar price reached a high of $0.257 on July 16. However, the international remittances token has since recorded lower lows in a downward trend towards the $0.20 psychological level. Bouncing off this crucial level, Stellar appears to making a significant recover. Will history repeat itself? Stellar Nurtures Another V-shapes Recovery to $0.24 A V-shaped recovery occurs when an asset experiences a massive price decline and then makes a sustained uptrend. For example, XLM currently teeters at $0.22 amid the push by bulls for highs beyond $0.24. If this pattern holds, we expect the Stellar price to rise suddenly before running into significant resistance at $0.25. Note that most of the previous bullish crypto signals from the same candlestick pattern were confirmed in the previous attempts to recover. This indicates that Stellar price may remain bullish as buyers target areas beyond $0.25. Get FREE Crypto Signals Now! From a technical viewpoint, the Moving Average Convergence Divergence (MACD) indicator validated the bullish outlook. This happened when 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA. Note that the bullish momentum will be sustained when MACD crosses above the zero line into the positive region. For now, bulls should aim at overcoming the 50-day SMA ($0.228) resistance. If this happens, the bulls will be bolstered to push towards $0.25 and perhaps make a go at $0.3. If you are looking for the best crypto cryptocurrency to buy this detailed guide is a good starting point. Stellar Price (XLM/USD) four-hour chart Looking Over the Fence On the downside, the XML’s upward rally appears to have been stopped at $0.22 with the flashing of a bearish pin bar candle on the same four-hour chart. This shows that the recovery attempts are being cancelled out by the bears as accentuated by the Relative Strength Index (RSI) based on its horizontal movement along the midline. Realise that four-hour candlestick closure below the $0.22 psychological level may result in another bearish run. A move below this level would see the Stellar price re-test the support at $0.2 and the June 22 low at $0.198. Looking to buy or trade Stellar now? Invest at eToro! Buy Stellar Now Capital at risk Nancy Lubale Nancy Lubale Crypto Analyst and Technical Writer Nancy is a successful crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. View All Post By Nancy Lubale Crypto News share Read Next USD/JPY Price Looking at New Highs Above 110.40, Dismal Data Helps Olimpiu Tuns 1 year Stellar's price bounces off crucial support at $0.20 to start a significant recovery. XLM's V-shaped recovery could boost the price to $0.24. Stellar must overcome the resistance at the 50 SMA to sustain the uptrend. From July 12, Stellar price started a downtrend that saw it shed around 12% of its price by July 14. On same day, XLM started a V-shaped recovery which we correctly predicted that it would rally to $0.25. This prediction was validated when Stellar price reached a high of $0.257 on July 16. However, the international remittances token has since recorded lower lows in a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.