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XLM Daily Trading Signals: 23 October

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Dominant bias for STELLAR (XLM): Bullish

Resistance Levels: $0.2700, $0.2900, $0.3000

Support Levels: $0.2000, $0.18000, $0.01600

 

XLM is in a bullish trend  The bullish pressure is much evident as XLMUSD was up $0.2590 at the resistance area 20th on October but briefly lost momentum as the bears stage a comeback. The bear pressure was strong with the cryptocurrency making a low of $0.2431 in the support area on 22nd  October but the candle closes as a bullish hammer, a signal to a reversal.

 

XLM 4-hour chart
XLM 4-hour chart

 

The bulls returned was with a bullish marubozo candle at $0.2434 and XLMUSD was up at $0.2484 in the resistance area before the session ended on 22nd October. The 4-hour opening candle today was bullish and XLMUSD was up at  $0.2520 earlier today with more room for upward movement.

Price is above the 34 EMA a strong indication to bullish pressure and the relative strength index is at 55% a buying zone. Moreover, price is forming higher highs and higher lows that are characteristic features of the up-trending market.  It implies that the bulls are in full control of the market. As more buyers take a position today the cryptocurrency may retest $0.27000 in the resistance area.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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