Briefly-
- $XLM challenges crucial support level, a rebound looming?
- A study suggests Stellar is the most environ-friendly digital coin.
- RSI remains bullish as a golden cross might be on the cards.
Stellar (XLM/USD) retains its bearish pressure during Sunday’s sessions, though, hovering inside Friday’s range of $0.40 to $0.36. For now, XLM’s price poses for a 1.50% plunge to stand near $0.3730, awaiting massive triggers for the upcoming big price move.
Stellar Lumens might receive the vital motivation from the study steered by Forexsuggest. The research shows Stellar is the most environmental-friendly crypto, Ripple competitor that needs 0.00003KWh in each transaction, a third of requirements by IOTA. Stellar requires 0.00072 oz of CO2 in each transaction, which is far less than BTC’s 1,060 lbs in each transaction.
XLM’s Technical Graph
According to the daily chart by Stellar Lumens, the altcoin has tested commitments by bulls near the horizontal 21-DAM during the previous week. Today, the 21 daily Moving Average and the climbing trend-line support that connects the high lows since 27 October coincides. The sturdy defense line awaits in the $0.371 mark.
Also read:A daily close under that level will mean extra enthusiasm to XLM bears as they may plan to extend the latest downward trend to the horizontal 200-day Moving average at $0.3568. The upward trend 50-D Moving Average closes in at that level. More downward action can see the alt at the slightly bullish 100-D moving average at $0.3455.
However, XLM buyers appear to weigh on bears’ chances for now as the 50-day moving average aims to cross the 200-day moving average to the upward. If daily closing sees this materializing, the alternative coin will confirm a golden cross, indicating massive bullish gestures.
XLM has chances to rebound to the 5-month peaks of $0.4436.Before that, the psychological magnate at $0.40 might hinder the recovery mood. The 14-day RSI shows southward actions though hovers beyond the central line, supporting the bullish determination.
The crypto space seems on a recovery mood led by Bitcoin after the latest correction. Overall market recovery will see assets, including XLM moving up. Stay tuned for updated crypto news.
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