The crypto market is surging with positive momentum. The currencies are likely to book yet another profitable day on the calendar. The traders who were eyeing to recover previous losses are finally at ease. The current pace in the market is speculated to bring rally back. Stellar Lumens is currently above $0.050 mark, and the speculations are ripe that if the coin breaches the immediate resistance level at $0.051, then the rest of the day would be great for the traders.
XLM Breaks $0.05, Bullish Momentum
Over the last week, XLM coin managed to stay above $0.040 mark, and it has shown slow and steady upside momentum throughout the week. From yesterday, the currency marked a sharp upside movement and breached a $0.050 mark.
Yesterday, Stellar currency started the day at $0.0435, and then, the improvement started. At 00:53 UTC, the price spotted at $0.0443, and for the next 3 hours, the coin hovered around the same level. The escalation took the XLM price to $0.0467 at 06:30 UTC. With a slight plunge to $0.0458, the coin price escalated to $0.0493 at 12:53 UTC.
Further, the Stellar price dropped to $0.0480 by 2.65% decline, but in the next one hour, the coin improved to $0.0492 by 2.57%. The price locked around the same level till 19:00 UTC. Later, the XLM price improved to $0.0498, but a marginal drop brought the price to $0.0492. In the next 3 hours, the currency moved to $0.0500.
Today, Stellar Lumens started trading on a positive note, and within the first hour, the coin touched $0.0512 by 2.94% hike. Later, it dropped to $0.0492 in the next hour and locked its price around the same level till 06:00 UTC. Recently, the price improved to $0.0507 at the time of writing this analysis.
The MACD indicator shows that the MACD line has intersected the Signal line and formed a bullish crossover. The current price momentum is indicating that the bulls might take Stellar price above the immediate resistance level of $0.0515 as per XLM forecast. However, if the bears take over, the immediate support level for the XLM coin is created at $0.0454.
Resistance & Support Levels
R1: $0.051584, R2: $0.053694 and R3: $0.057746
S1: $0.045422, S2: $0.04137 and S3: $0.03926
