Stellar price is on a rebound after dropping from the weekend’s high of $0.3900. The recent decline may be as a result of a short-lived profit-taking mode. For as long as the altcoin remains above the crucial support level of $0.3500, it remains in goo shape to retest the weekend’s high of $0.3900 and higher at mid-October’s high of $0.4000.
According to CoinMarketCap, the crypto’s market cap is down by 1.81%. In comparison, the global crypto market cap is up by 2.20% at $2.66 trillion.
After dropping to a three-week low of 0.3126 in the previous week, XLM has since rebounded back above October’s crucial support zone of 0.3500. In the past month, the altcoin rose by about 34.41%. besides, it has surged by over 200% year-to-date.
At the time of writing, Stellar price was down by 0.36% at 0.3717. On a two-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages.
In the near term, the cryptocurrency will likely remain above the support zone of 0.3500. At its current level, the support levels to watch out for are Monday’s low of 0.3576 and along the 25-day EMA at 0.3669.
On the upside, the bulls will likely gather enough momentum to retest the weekend’s high of 0.3900. However, for that to happen, Stellar price will need to break the resistance at 0.3800.
This post was last modified on %s = human-readable time difference 10:06