Stellar price is back on the trajectory taken by the crypto market in Wednesday’s session after plummeting earlier in the day. BTC, which often sets the tone for altcoins, bounced off the support level of $66,000 to an all-time high of $69,015. Ethereum, which is the leading altcoin, surged to a new record-high of $4,869. According to CoinMarketCap, Stellar’s trading volume has risen by 107.68% over the past 24 hours.
XLM is back up above the crucial resistance-turn-support level of 0.4000 after dropping below it earlier in Wednesday’s session. The altcoin had fallen from an intraday high of 0.4239 to a low of 0.3819 before rebounding.
At the time of writing, Stellar price was up by 0.1% at 0.4133. On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages; signaling further gains.
In the short-term, I expect the altcoin to continue finding support at 0.4000. A decline below that level may place the support level along the 25-day EMA at 0.3939.
On the upside, Stellar price will probably find resistance at 0.4200. Subsequently, it may remain within the range of between 0.4000 and 0.4200 in the ensuing sessions. With additional momentum, the bulls may manage to push the crypto past the aforementioned resistance level towards the next target at 0.4500. However, this thesis will be invalidated by a move below 0.3939.
This post was last modified on %s = human-readable time difference 14:55