Stellar (XLM) Shows Strong Recovery From Recent Slide

Stellar (XLM) has seen a stunning turnaround after the recent market downturn. However, following the announcement of the CPI report and corresponding fears of an interest rate hike, a sell-off ensued. The Donchian channel indicates that the average price of XLM is $0.1076 as of this writing. After a drop, the Awesome Indicator also gives off very strong bullish signs. This could signal a rebound. The XLM market has showed a spectacular recovery from the September 13 catastrophe, with prices climbing back above the $0.1004 support line that sustained the downturn from August 14 to September 6. At the 4-hour time mark, the coin is following an uptrend. Looking at the wider picture, however, we see that the upturn may be short-lived. Related Reading: MANA Under Sideways Motion In The Last 4 Months Stellar Rally Gives Investors Some Confidence The XLM token closely tracks Bitcoin’s price movements because the whole cryptocurrency market is modeled after it. The downward pressure of the triangle indicates that the coin’s motion is heading in a downward direction. Price levels of support and resistance were calculated using the Fibonacci retracement tool. The bulls are attempting to leverage two supports located at $0.1023 and $0.1058. These two factors have bolstered traders’ and investors’ optimism, which has contributed to the price increase. The range of $0.1153 represents the resistance level. If price ...