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New Stellar XLM Surge Is Possible After 70% Increase: Analysis

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A new stellar XLM surge is quite possible after the recent 70% increase in the past three sessions, breaking the $0.1800 resistance against the US Dollar. The XLM price is moving higher towards $0.2000 and $0.2200 so let’s read more in today’s Stellar XLM news.

The price cleared a few hurdles near the $0.1650 and settled well above the 100-day simple moving average with a break above the crucial contracting triangle with the resistance at $0.0882 on the charts. The pair could continue higher towards $0.2000 and $0.2200 as long as it is above the $0.1650 level. Over the past few days, there was a strong increase in BTC, Ripple, and ethereum so as a result, Stellar formed strong support near the $0.0700 before starting a fresh increase against the US dollar.

xlmusd
Source XLM/USD on TradingView.com

In order to start a new Stellar XLM surge, there has to be a strong break above the crucial contracting triangle with resistance at $0.0882 on the daily charts of the pair. The pair gained some pace above the $0.1000 and the $0.1200 resistances. The price gained pace above the $0.1500 level and the 100-day simple moving average while breaking the $0.1800 level and trading to a new multi-month high of $0.1952. XLM’s price is now correcting lower and trading below $0.1900. With the initial support nearing the $0.1800 level, the first support nears the 23.6% fib retracement level to the $0.1952 high.

xlm daily
Stellar’s XLM 24-hours Price Chart (Source: Coingecko)

If there’s a bigger decline, the price could drop back towards the $0.1350 level and it is close to the 50% fib retracement level of the recent increase at $0.0725 low to $0.1952 high. More losses could lead the price at $0.1200 support zone. If XLM’s price remains at these levels, there are more chances of upsides above $0.19000. The next key resistance remains at $0.1950 levels followed by the $0.2000. A clear break above the $0.2000 resistance level could open the doors for more gains with the next major hurdle for the bulls being near the $0.2200 level. The daily MACD for the pair is placed in the bullish zone while the daily RSI for the pair is into the overbought zone.

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As recently reported in the stellar lumens news, Brazil and Argentina made a partnership with Settle Network and Stellar in order to make the process for the unbanked people of sending and receiving remittances easier.

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Source: https://www.dcforecasts.com/stellar-news/new-stellar-xlm-surge-is-possible-after-70-increase-analysis/

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