The Stellar Coin Could Be About to Initiate a Long Term Uptrend

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Updated: 29 September 2020

Hello traders! XLM/USDT starting to show a bullish signal after price bottomed out at 0.066. Since then higher highs and higher lows have been produced. The key support has been formed at 0.072, because of multiple rejections of this level.

The first rejection occurred when the price bounced off the 50 Exponential Moving Average, then the uptrend trendline was rejected, where price failed to close below 0.072 support. And finally, today there was a clear rejection of the 23.6% Fibonacci retracement.

Besides, the downtrend trendline has been broken previously and the current pullback might provide a good opportunity for short and long-term buyers. As long as the daily closing price remains above the 0.071 low produced yesterday, Stellar should be expected to rise further.

The key resistance is located at 0.061 and is confirmed by two Fibonacci retracement levels. First is the 23.6% Fibs applied to the last upside corrective move up. The seco0nd is the 261.8% Fibs applied to the most recent pullback. All-in-all, Stellar, and multiple top altcoins are starting to look bullish along with the price of Bitcoin. Perhaps this week there will be gains major throughout the entire cryptocurrency market.

Bias: Strongly bullish as long as daily closing prices remain above 0.071

Potential Support Zone: 0.072 – 0.073

Potential Targets: 0.081

Have a profitable trading!