XLM Price Analysis: XLM/USD Extends Leg Higher to $0.47 As Flare Brings Ethereum Based Smart Contracts to Stellar

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During the week, most cryptocurrencies retraced while posting acute losses. BTC is yet to make a definitive move after the previous recovery to $48k. After reaching yearly highs of $0.60 on Feb. 12, Stellar (XLM) declined till it reached lows of $0.4970, entering a consolidation phase after. However, Stellar was not spared by the bearish wave that hit the entire crypto market, spiraling downhill to $0.314. However, on Feb. 26, XLM kickstarted a recovery from the $0.35 support. This was followed by another bullish move today as XLM/USD extends leg higher to $0.47. Ranking 11th largest, Stellar market valuation stands at $9.21 billion with a 24-hour trading volume of $1.55 billion. At the time of writing, Stellar is exchanging hands at $0.451, having gained 9.40% in the last 24 hours. Flare Networks has announced that it will integrate Stellar Lumens (XLM) with its smart contract platform, thereby offering compatibility with the Ethereum blockchain. The flare network team has not clarified whether it will conduct an airdrop for XLM holders, as it has done for XRP.

*XLM kickstarted a recovery from the $0.35 support on Feb. 26

*Stellar is exchanging hands at $0.451, having gained 9.40% in the last 24 hours

*Flare Networks has announced that it will integrate Stellar Lumens (XLM) with its smart contract platform

Key Levels

Resistance Levels: $0.6500, $0.5333, $0.5000

Support levels: $0.4400, $0.4000, $0.3550

XLM/USD Daily Chart: Ranging

XLM/USD Daily Chart

Stellar had a significant rebound to highs of $0.47, climbing by nearly 50% since its Feb. 23 low of $0.31. Stellar (XLM) presently stands at a make-or-break point, the RSI slightly above midpoint suggests advantage to neither bulls nor bears. Stellar is currently attempting to regain extended losses during the market sell-off, trading slightly above Feb. 23 high.

If the bulls can push past the resistance at $0.47, a rise to $0.5250 and then $0.6 may be on the cards. On the flip side, if XLM price closes below $0.47 on the daily candlestick, it could lead to declines extending beneath $0.4250. In case of further declines, the MA 50 support at $0.3652 could act as a backstop against losses. If this fails, XLM may be forced to revisit support at $0.31.

XLM/USD 4-Hour Chart: Ranging

XLM/USD 4-Hour Chart

On the 4-hour chart, Stellar (XLM) managed to climb above the MA 50 at $0.4407 which acted as a resistance cap since Feb. 20. A decisive break above the MA 50 holds the key to further upside gains. In this case, XLM may retest resistance at $0.5250 and then $0.54 marks.

On the flip side, if the price fails to hold above the MA 50, XLM will be forced to seek support at the MA 200 located at $0.401. XLM price may need to dive below the MA 200 support to confirm a bearish comeback. In this scenario, declines may extend to $0.31. The XLM/USD pair is only bullish while trading above the $0.450 mark, key resistance is found at the $0.5250 and $0.6 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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