Stellar Lumens Is Growing. What’s Next?

The 6th largest cryptocurrency in the world has recently formed an ascending triangle with higher lows and may be poised for a breakout aiming at $0.35 and then $0.38.
Stellar Lumens Is Growing. What’s Next?
Contents

Stellar (XLM) Technical Analysis

Stellar is currently in the sixth position in the top one hundred cryptocurrencies by market capitalization, having a market capitalization of $4.808.965.522 and price of $0,253682 as of Nov. 7, 2018. What’s next?

52- week Range: $0.0269 - $0.9199

1-Year Change: 823.44%

Looking for an upward breakout

Looking for an upward breakout

Stellar has recently formed an ascending triangle with higher lows and may be poised for a breakout aiming at $0.35 and then $0.38. The ADX DMI indicator shows a trend that is not very strong with a value of 20.25 for the ADX indicator, but the values of +DI and -DI are 32.92 and 13.35 respectively, showing that the dominant trend on the daily chart is the uptrend.

MACD indicator is also positive and rising, while the current price of $0.2620 is above the daily 20-period and the 50-period exponential moving averages show values at 0.2423 and 0.2383 accordingly. The Momentum indicator shows positive signs as it has formed higher lows and is rising, but the Stochastic indicator with values (14,3,3) is in the overbought zone above the 80 level.

What are the key levels to monitor for support and resistance?

First the daily Pivot Points are as follows:

Name

S3

S2

S1

Pivot Points

R1

R2

R3

Classic

0.23262

0.24049

0.25437

0.26223

0.27611

0.28397

0.29785

A break above the $0.26223 is very close and it may support the price to higher resistance levels. There is support at $0.1733, $0.1827, $0.2049 and $0.2540. There is resistance at $0.2715, $0.3013 and $0.35. Some resistance should be expected as the daily Bollinger Bands are $0.2413 and $0.2176 for the upper and lower band, respectively.

Buy at lower price levels anticipating a breakout

If the breakout is to occur, a good risk-adjusted trade may be buying near the support level of $0.23 and having the price of $0.35 as a first target. There is very strong support at the price near $0.20, so a stop-loss below it would offer a risk-reward ratio of about 1:3, which is considered very attractive.


LEAVE A COMMENT

About text formats

Plain text

  • No HTML tags allowed.
  • Lines and paragraphs break automatically.
13 + 0 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.

Follow us and get all
crypto news 24/7

CryptoComes Twitter GIVEAWAY!
Follow and RT to win 💰$100р💰
CryptoComes GIVEAWAY!
Like the Facebook page and make a comment to win 💰$100💰