- XLM Token price approaches the critical resistance zone near the $0.4 mark.
- The 50 and 200 days EMAs may soon give a bullish golden crossover in the daily chart.
- The pair of XLM/BTC is trading at 0.000006345 BTC with an intraday fall of -3.19%.
XLM Coin price action projects the price approaching the crucial resistance zone near the $0.4 mark in the daily chart. The resistance zone has pushed the price lower multiple times in the past.
The volume is increasing dramatically in the daily chart, compared with the last few days. As a result, the volume may also break the 20 days MA.
XLM Token trades at $0.3855 and has seen a 3.63% decrease in market capitalization over 24 hours. In addition, the intraday trading volume has increased 15% in the last day, indicating that buyers are increasing in numbers.
XLM Token In The 4-Hour Chart
XLM token price action signals the formation of a rising parallel channel, with a trading volume boom on the 4-hour chart. The price rises higher with higher low formation within the channel. Hence, it indicates a rise in underlying bullishness.
According to pivot points analysis, resistance levels for the token is at $0.50 after the $0.44 mark. If the price reverses, sellers might find resistance at $0.36 and $0.30.
The daily chart shows that the coin price is higher than all the EMAs. Therefore, these EMAs will absorb any upcoming bearish attacks. Therefore, it will help to maintain the underlying bullishness.
The RSI indicator predicts a dramatic rise in the underlying bullishness as the slope jumps towards the overbought area.
The ADX indicator indicates a rising trend which suggests that there is significant potential for underlying momentum.
Conclusion: XLM Coin’s future trend is becoming more bullish from a technical perspective. The technical indicators combined with increased trading volume suggest a boom in buying. However, safe trades must wait till the breakout of the resistance zone near the $0.40 mark in the daily chart.
Support – $0.36 or $0.30
Resistance – $0.44 and $0.50