The cryptocurrency market posted gains for the second consecutive day yesterday, with most cryptocurrencies up by more than 2% over the past 24 hours
The cryptocurrency market continued its recovery yesterday following the huge losses recorded last week. Bitcoin was able to stay above the $45,000 mark, posting gains of 3.2% in the past 24 hours to trade at $47,160 per coin.
Ether is also looking to top the $3,400 mark after rallying by nearly 3% over the past few hours. The second-largest cryptocurrency by market cap could look to surpass the $3,500 resistance point if the current market conditions persist.
Binance Coin (BNB), XRP, Polkadot and Dogecoin are all trading in the green zone. Stellar Lumen (XLM) is also rallying, with the coin up by 4.5% over the past 24 hours. With its latest rally, it has already surpassed the $0.3263 pivot and is set to break the resistance level at $0.3351.
XLM price outlook
The XLM/USD 4-hour chart is looking bullish at the moment, indicating that further growth could be on the horizon for the cryptocurrency. Its RSI currently sits at 57 and is heading towards the overbought region. The MACD line has retraced from the previous bearish region and is now set to enter the bullish zone.
After surpassing the $0.3263 pivot, XLM looks primed to break past the first major resistance level at $0.3351 over the coming hours. In the event of a broader rally from the cryptocurrency market, XLM could test the resistance level at the 23.6% Fib of $0.3402. The rally could push it further towards the second major resistance level at $0.3500, which is also its 200 simple moving average (SMA).
XLM/USD 4-hour chart. Source: TradingView
However, if XLM is unable to topple the resistance level at $0.3351, it could drop towards the $0.3263 pivot. This could trigger further downward movement and bring the first major support level, currently at $0.3213, into play. The second major support level at $0.3111 could limit further losses unless the bearish sentiment in the broader market grows stronger.
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Author: Hassan Maishera