Search ForexCrunch
  • Stellar (XLM) recovered from the intraday low of $0.0900.
  • The bullish target of $0.1000 may give way.

Stellar (XLM) recovered from a setback to $0.0900 to $0.0974; however, the upside momentum faded way on approach to the critical resistance level. At the time of writing, XLM/USD is changing hands at $0.0950, moving within a strong bullish channel. The coin has gained over 20% in the recent 24 hours and became the best-performing altcoin out of top-20.  Stellar is the 13th largest digital asset with the current market value of $1.93 billion. 

XLM/USD: Technical picture

On the intraday chart, the ultimate resistance is created by psychological $0.1000 with the upper line of the 1-hour Bollinger Band located on approach. Once it is out of the way, the upside is likely to gain traction with the next focus on  $0.1100 and $0.1200. Basically, the coin will enter uncharted territory, while a move above $0.1000 may trigger a speculative rally.

On the downside, the vital support is created by $0.0900.  A sustainable move above this area will increase the downside pressure and bring $0.8000 (1-hour SMA50) into focus.

XLM/USD 1-hour chart