The cryptocurrency market posted positive factors for the second consecutive day yesterday, with most cryptocurrencies up by greater than 2% over the previous 24 hours
The cryptocurrency market continued its restoration yesterday following the large losses recorded final week. Bitcoin was capable of keep above the $45,000 mark, posting positive factors of three.2% previously 24 hours to commerce at $47,160 per coin.
Ether can be seeking to prime the $3,400 mark after rallying by practically 3% over the previous few hours. The second-largest cryptocurrency by market cap may look to surpass the $3,500 resistance level if the present market situations persist.
Binance Coin (BNB), XRP, Polkadot and Dogecoin are all buying and selling within the inexperienced zone. Stellar Lumen (XLM) can be rallying, with the coin up by 4.5% over the previous 24 hours. With its newest rally, it has already surpassed the $0.3263 pivot and is about to interrupt the resistance degree at $0.3351.
XLM worth outlook
The XLM/USD 4-hour chart is wanting bullish in the mean time, indicating that additional progress might be on the horizon for the cryptocurrency. Its RSI presently sits at 57 and is heading in the direction of the overbought area. The MACD line has retraced from the earlier bearish area and is now set to enter the bullish zone.
After surpassing the $0.3263 pivot, XLM appears primed to interrupt previous the primary main resistance degree at $0.3351 over the approaching hours. Within the occasion of a broader rally from the cryptocurrency market, XLM may check the resistance degree on the 23.6% Fib of $0.3402. The rally may push it additional in the direction of the second main resistance degree at $0.3500, which can be its 200 easy shifting common (SMA).
XLM/USD 4-hour chart. Supply: TradingView
Nevertheless, if XLM is unable to topple the resistance degree at $0.3351, it may drop in the direction of the $0.3263 pivot. This might set off additional downward motion and produce the primary main assist degree, presently at $0.3213, into play. The second main assist degree at $0.3111 may restrict additional losses except the bearish sentiment within the broader market grows stronger.