The cryptocurrency total market capitalization hit the $2 trillion milestones, as selected Altcoins rally on the back of a consolidative Bitcoin. Stellar (XLM) edged higher on Tuesday after the rebound off MA 50. The digital asset then approached the $0.578 high, which has acted as a strong barrier since mid-February. XLM’s uptrend hits pause at $0.57 following a price rejection. This caused Stellar to pare some intraday gains, trading at $0.50 as at the time of writing. Amid the pullback, Stellar is up 2.38% in the last 24 hours and 23.86% on a 7-day basis. Ranking 12th largest, Stellar market valuation stands at $11.46 billion with a 24-hour trading volume of $5.4 billion. Stellar’s blockchain is set to receive a boost as Akon’s African crypto-cities will utilize Stellar blockchain-based token Akoin (AKN). Senegalese-American rapper and businessperson Akon is set to launch a crypto-city in Uganda while building a much larger one in Senegal for $6 billion.
*Stellar (XLM) edged higher on Tuesday after the rebound-off MA 50
*This caused Stellar to pare off some intraday gains, trading at $0.50 as at the time of writing
*Akon’s African crypto-cities will utilize Stellar blockchain-based token Akoin (AKN)
Key Levels
Resistance Levels: $6500, $0.6083, $0.5783
Support levels: $0.4830, $0.4250, $0.4000
XLM/USD Daily ChartAfter weeks of consolidation, stellar(XLM) had a significant break above the MA 50 ($0.42) on Apr. 5 and rose to highs of $0.549. A further climb today near the $0.57 barrier halted the uptrend, triggering a pullback. The XLM/USD pair declined to an intraday low of $0.477 in early trading before a mild rebound. Further declines from the current price may meet immediate support at the day’s low of $0.477.
Even lower, the MA 50 barrier now turned support may cap downside risks. Beneath this, the low from March 25 at $0.336 (ascending trendline support) would be eyed before meeting the $0.32 mark. The RSI still holds in the positive territory. Therefore the pair may begin a rise again from the MA 50. On the upside, resistance could occur at the day’s high at $0.577 and the yearly high at $0.607. Higher still, 2018 all-time high at $0.934 would increasingly come into scope.
XLM/USD 4-Hour ChartOn the 4-hour chart, Stellar trades well above the MA 50 and 200. XLM is presently consolidating at the $0.52 range while awaiting the next move.
If profound traction transpires off from the $0.52 range, initial upside friction could come at $0.57 before the bulls challenge the resistance ceiling of $0.607. Conquering this obstacle could restore confidence in the pair fuelling a positive impetus towards the 2018 all-time high at $0.943.
On the other hand, if sellers manage to dip the price below the $0.50 range, early tough support could develop from the low at $0.479. However, if the pair deteriorates further, the MA 50 at $0.435 and the neighboring MA 200 ($0.40) could attempt to terminate the decline. XLM/USD positive tone should remain undamaged if the pair manages to remain above the moving averages.
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