Stellar Technical Analysis: XLM/USD bounce is underway, but still a lot of resistance towards $0.072

• XLM/USD has recovered from the drop to $0.059 on June 27, currently trading at $0.066.
• Stellar remains in a daily downtrend and is facing the daily 12-EMA resistance level established at $0.0674

Stellar had a bigger crash than most cryptos dropping to $0.059, a price not seen since April 23. Bulls have managed to buy the dip and recover but the daily downtrend remains and overall sentiment has turned negative.

XLM/USD daily chart

Buyers are facing a lot of resistance towards $0.0725 starting with the daily 12-EMA at $0.0674 followed by the 26-EMA at $0.0694 and $0.07 psychological level. For now, anything below that high is simply a lower high and a continuation of the daily downtrend. Bulls need to hold $0.059 if they want to change the trend.

XLM/USD 4-hour chart

Things look better here with a confirmed uptrend and a close above the 26-EMA. Both EMAs are really close to a bull cross, the first since June 22. Bulls can use both EMAs as support levels and $0.064.