Stellar Lumens [XLM] all set to breach key resistance at $0.0824: Technical Analysis
After a short recovery last week, the cryptocurrency market gradually rolled back and as it stands the total market cap of the crypto industry is $121 billion which is down by nearly $1 billion from the highs achieved during the course of last week. Bitcoin [BTC] has managed to stay above the $3600 mark for the fourth day in a row and most of the top 20 coins have shown marginal movements in the last 24 hrs. The sporadic action last week saw Bitcoin surge by nearly 7 percent and Litecoin [LTC] led the rally by a spike of nearly 30 percent in its price. Many experts believe that a pullback in Bitcoin’s price is on the anvil. Another coin that showed marginal gains last week is Stellar Lumens. At the time of print, XLM is trading at $0.0787, down by nearly 2 percent. The total market cap of the coin stands at $1.5 billion.
At the time of print, the coin is trading at $0.07980 and it has found support at $0.0788. The key resistance level for the digital asset is at $0.0824 and there is every chance that the coin will breach the barrier as it did on Saturday. The hourly RSI indicator stands at 49.2960 which means that the coin is making its way to the overbought territory. The MACD shows that the coin is entering the bullish zone albeit with minimum momentum. The 100 EMA line shows an upward trend and a closer look at the charts shows that the price was trading in a downward channel before breaking out.
At the time of print, the cryptocurrency is down by 1.38 percent and one XLM is equivalent to 0.00002155 BTC.
In the month of December last year, BitGo announced its support for Stellar XLM. It is the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network. XLM is an open source distributive ledger.
Earlier in the month of November last year, the Dubai-based Bitcoin and cryptocurrency exchange, BitOasis serving the Middle East and parts of North Africa announced the addition of XLM tokens to the company’s digital exchange trading platform.
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