Stellar Technical Analysis: XLM/USD flirts around the $0.09–level

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  • XLM/USD bulls eked out an advantage following a bearish Monday.
  • The RSI is sitting just below the overbought zone.

XLM/USD daily chart

XLM/USD daily chart

XLM/USD bulls eked an advantage this Tuesday as it went up from $0.0897 to $0.0908, crossing the $0.09 psychological level, in the process. This followed a heavily bearish Monday, wherein the price plummeted below the pennant formation. The MACD shows decreasing bullish momentum. The RSI indicator is sitting below the overbought zone, indicating that the price is on the verge of being overvalued, triggering another potential bearish correction.

Support and Resistance

XLM/USD has strong resistance at $0.0958. On the downside, good support lies at $0.0831, $0.0786, $0.0757 (SMA 20) and $0.0745 (SMA 50).
 

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