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Crypto Technicals: XLM/USD pauses downside at rising trendline support (0.0985), bias bearish

XLM/USD chart - Trading View 

Exchange - Kraken

Support: 0.0985 (Trendline); Resistance: 0.1077 (200-DMA)

Technical Analysis: Bias Bearish

Stelar Lumens finds some respite from bears as the price edged slightly higher on the day.

XLM/USD was trading at 0.1013 at 11:45 GMT, up 2.27% at the time of writing.

Price was likely buoyed by announcement by Wirex, a UK FCA-regulated digital money platform, which said it will launch support for XLM in the Asia Pacific region.

Markets also await Stellar's Meridian Conference event scheduled for Nov for cues to boost value.

Technical bias for the pair is strongly bearish for now. Price action has retraced break above 200-DMA.

Volatility is rising and RSI nicely converging with price action, further drag likely. Next major support lies at 0.0862 (May 9th low).

Retrace above 200-DMA will see some upside. Breakout at 20-DMA required for upside continuation. 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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