Stellar Lumens [XLM] stays below $0.0810 support level, approaches overbought territory
The cryptocurrency market has been showing signs of recovery for the past two days, as most of the coins are trading in the green and showing signs of recovery. At the time of print, the total market cap stands at $114 billion and is showing signs of an impending rally. Bitcoin is still hovering around the $3450 mark and at the time of print the leader of the cryptocurrency pack is up by 1.05 percent and is changing hands at $3,453.33. The last week has been more of a dampener for the leading cryptocurrency with no significant movement registered by the cryptocurrency. As the market is showing some signs of recovery, XLM is trading at $0.076662, up by 0.91 percent and in the past 24 hrs the coin has shown a trading volume of $116,472,854.
At the time of print, the coin is trading at $0.0786 which is well below the support level at $0.0810. If we look closely at the chart, we’ll find that the price is trading below the moving averages. The key resistance level for the coin stands at $0.0879 and it will take some before it breaches it. Due to the long-term bearish prediction, it seems that the coin will come down after reaching the resistance area at $0.0879. The hourly RSI indicator stands at 69.8714 and it just about the enter the overbought territory and the MACD shows that the coin is in the bullish zone and the 100 EMA line shows an upward trend.
At the time of print, XLM is down by 0.14 percent and one XLM is equivalent to 0.00002220 BTC.
Earlier in the month of January, the New York-based crypto asset investment firm Grayscale Investments announced the launch of a new single asset fund dedicated to Stellar, the native asset of the Stellar network, called the Grayscale Stellar Lumens Trust.
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