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Crypto Technicals: XLM/USD downside limited, holds support at 5-DMA

XLM/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.0763 (5-DMA); Resistance: 0.0880 (200-DMA)

Technical Analysis: Bias Bullish

XLM/USD was trading 2.95% lower at 0.0775 at 09:45 GMT after closing 1.05% higher in the previous session.

Price action is above daily cloud and major moving averages, scope for further upside.

The pair has paused upside after 3 straight sessions of gains, downside is likely to be limited.

5-DMA is immediate support at 0.0762. Break below could see dip till 110-EMA at 0.0728.

Technical studies support upside. Stochs and RSI are biased higher. MACD and ADX also support upside.

The pair is on track to test 200-DMA at 0.0880, break above will propel the pair to new highs.
 

By Anupama Grandhi
  • Market Data
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