Stellar has printed a double-bottom pattern, leading to gains above $0.36. The MACD is likely to flip bullish in the short-term as XLM momentum becomes stronger. The 4-hour SuperTrend indicator recently sent a signal to short Stellar, casting a bearish cloud. Stellar plunged to levels around $0.34 before the ongoing recovery came into play. The entire cryptocurrency market has been on a downtrend this week. However, minor gains can be witnessed across the board on Friday, with cryptoassets such as XLM rebounding from crucial support levels. Stellar makes a comeback from weekly lows The cross-border token has been on an upward roll following the formation of a double-bottom pattern. This is a highly bullish technical pattern that forms after an asset hits a particular anchor zone a couple of times, separated by a peak. The double-bottom pattern is confirmed in technical analysis when the asset bounces off the support area. Its recovery is characterized by increased trading volume. It is crucial to wait for the confirmation of this pattern to avoid false breakouts. Stellar is likely to continue with the uptrend as long as the support at the double-bottom holds. Note that gains above the 50 Simple Moving Average (SMA) on the 12-hour chart could trigger massive buy orders as XLM heads back to $0.6. XLM/USD 12-hour chart The Moving Average Convergence Divergence (MACD) indicator hints that recovery could stay intact in the near term. However, the uptrend will be validated by the MACD line (blue) crossing above the signal line on the 4-hour chart. XLM/USD 4-hour chart Looking at the other side of the picture The SuperTrend indicator has recently flashed a sell signal on the 4-hour chart. This call to sell occurred when the indicator flipped above the price and turned red. Traders use the SuperTrend indicator to foresee the general direction of the asset. If the situation remains the same, Stellar may start retreating to the support at $0.34 and $0.3, respectively. 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. View All Post By FX Street Crypto News share Read Next NZD/USD to hold off the 200-DMA at 0.6870 to move above 0.75 in H2 2021 – ING FX Street 1 year Stellar has printed a double-bottom pattern, leading to gains above $0.36. The MACD is likely to flip bullish in the short-term as XLM momentum becomes stronger. The 4-hour SuperTrend indicator recently sent a signal to short Stellar, casting a bearish cloud. Stellar plunged to levels around $0.34 before the ongoing recovery came into play. The entire cryptocurrency market has been on a downtrend this week. However, minor gains can be witnessed across the board on Friday, with cryptoassets such as XLM rebounding from crucial support levels. Stellar makes a comeback from weekly lows The cross-border token has been on an… 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.