- XLM token price has risen to the supply zone from the demand zone indicating strong bullish momentum.
- The token price is forming a rounding bottom pattern on a daily time frame.
- The pair of XLM/BTC is 0.00000387 with an increase of 1.28% in the past 24 hours.
XLM token price as per the price action is hovering around the supply zone after facing a strong bullish momentum from the overall cryptocurrency market. As of now, the token price is forming a reversal chart pattern indicating a further bullish movement.
The XLM token price is currently trading above the demand zone on a daily time frame and is currently trading above the important Moving Averages. The token price broke the important MAs during the recent bullish momentum and since then it has been in an uptrend. Moving upwards the token price can be seen rising above the MAs after taking support during the pullback a. At present, the token price is forming a higher high and higher low price structure.
The XLM token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band. Although, the token price is yet to cross the upset band of the Bollinger band indicator. Volumes have increased after the token price raised steeply indicating strong volatility in the upcoming g trading days therefore investors should remain cautious and wait for a proper breakout for a further uptrend move.
The XLM token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: The XLM token price is forming a bullish chart pattern. Before the current movement, the token price was lying in the demand zone and a recent bullish movement has pushed the price as well as the ADX curve upwards. As of now, the ADX curve is hovering at the level of 36.82 passing the 25 mark level. The ADX curve has turned towards indicating a possible break in the current price structure which could result in the formation of a bullish price structure.
Moving Average Convergence Divergence: The XLM token price has been on an uptrend and the same is depicted by the MACD indicator. The blue line crossed the orange line on the upside indicating bullish momentum in the upcoming trading days. Once the token price breaks the supply zone, the MACD line can be seen widening supporting the trend. Investors should exercise caution as the token price can behave erratically until and unless it breaks the consolidation at the supply zone.
Supertrend: The XLM token price was facing a strong rejection from the super trend sell line which was acting as a strong supply zone, but recent movement broke it and now the super trend indicator has triggered a positive signal indicating. Moving upward the token price can be seen resting at the super trend buy line, which can act as a strong demand zone.
Conclusion: The XLM token price is bullish as per the price action and the same is shown by the technical parameters. However, the token price is yet to cross the supply zone, investors should wait for proper price action and then act accordingly.
Support: $0.082 and $0.079
Resistance: $0.098 and $0.101
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.