Stellar Uptrend Is Viable Despite Reaching the Overbought Region at $0.105

Stellar is making an impressive bullish run in July. The bulls have broken the previous overhead resistance at $0.095. Buyers tested the resistance on several occasions to break it.

Each time the resistance at $0.095 is retested the price will fall to $0.085 or $0.090 low. Yesterday, the bulls broke the overhead resistance as the coin rebounded to a new high of $0.105. 

The recent upward move will continue as price breaks important key levels. Nevertheless, at the recent high, a Doji candlestick appeared. It indicates that buyers are finding it difficult to push prices higher as sellers emerge to push prices to the opening price. In other words, XLM is likely to face rejection at a recent high of $0.105

Stellar indicator analysis 

In the recent upward move, price broke the resistance line and closed above it. It indicates that the uptrend will continue. The coin is also trading above 80% range of the daily stochastic. Nonetheless, the XLM has reached the overbought region of the market. The implication is that sellers will emerge to push prices down.

Key Resistance levels: $80, $100, $120

Key Support levels: $50, $40, $20

What is the next move for Stellar?

Stellar is one of the performing altcoins as of today. This is since most of the altcoins are facing a general breakdown. In the meantime, XLM is in the overbought region as the coin is likely to face a downward move. The uptrend will resume if price retraces and finds support above $0.095 low.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.