- Stellar saw a plunge of 36.15% on Wednesday but was quick to recover
- $XLM is currently seeing a participation of buyers and is trading at crucial Fibonacci levels
On Wednesday Stellar coin saw a massive selling exactly at the Fibonacci price level of $0.4312 usd. And took support at the Fibonacci level of $0.2696 where there was massive buying.
Currently, the Fibonacci 0.3255 usd is acting as support and stellar is trading above the moving averages of 50 and 100. But it is currently below the 200 day moving average.
The RSI indicator is indicating a neutral momentum which is still unclear.
The $0.4312 usd resistance level suggested by the Fibonacci Indicator is a crucial resistance for Stellar. If Stellar manages to break the 200-day moving average and the $0.4312 usd resistance, the target would be $0.6 usd and $0.8 usd.
Important support and resistance levels to look for are:
Resistance: $0.4312 and of course the 200-day moving average.
Support: $0.3005 usd, $0.2696 usd and of course the 50 and 100-day moving averages. 0.2046 is also a very strong support to look out for.
Takeaway: We might see a bit of ranging in the Fibonacci levels before a breakout. There might be some panic selling in the area and we might bounce back to test the important resistance levels mentioned above.