Technical Analysis for XLMUSD for 22nd September 2022
Stellar Soars 14% in 3 Weeks, will XLM Bulls Break $0.12?
Past Performance of XLM
There are flashes of strength in XLM. A notable development is that the coin is outperforming BTC and ETH. For instance, it is up 14 percent from September lows and tracking higher week-to-date versus the USDT. Despite rejections of higher prices on September 21, Stellar's uptrend is still valid. The immediate resistance is at $0.12; buyers may resume formation, targeting $0.135 in the short term.
Stellar Technical Analysis
The expansion of Stellar prices on the past few trading days is with rising trading volumes. This development is overly bullish and signals buyers' participation. Since prices are firm and buyers appear to be in charge, traders can find loading opportunities on pullbacks above $0.105 and the middle BB. The immediate target, in that case, will be August 2022 highs at around $0.135, as mentioned earlier. On the reverse side, sharp losses confirming bears of September 21 may see XLM contract back to $0.098 in a retest.
What to Expect from XLM
XLM buyers are solid; the coin may tick higher with rising volumes as it bottoms up. The immediate support is at $0.105, while resistance lies at $0.12. Any surge above this week's highs may initiate demand, possibly lifting the coin to new multi-week highs at $0.135 or better in the medium term.
Resistance level to watch: $0.12
Support level to watch: $0.105
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