Stellar (XLM) on the move as it breaks 3-moving averages

Stellar(XLM) closed the 24-hour chart at a high of $0.071441 and at a low of $0.074822. The altcoin is currently trading at $0.072356. In fact, it is retracing a chart formation that could possibly result in a record breakout. XLM’s recent price movement  indicates the validity of Stellar staking on Binance, according to which,  most analysts believe is steering Stellar’s bullish perfomance.

XLM pressing on within short and medium term resistances

Nonetheless, the chart looks promising as it is trading around a short term resistance zone. Press time prices are performing above the three moving averages: 200-day, 100-day and 50-day moving averages; and therefore forming strong base supports around $0.070 and $0.058 respectively. 

The weekly  chart looks wavy with several sharp breakouts, either representing a sharp downtrend or sharp uptrend. A closer look at the 7-day chart reveals that the altcoin is gradually dropping further below the $0.07800 and  $0.07600 support zones.

Towards  the close of the week, XLM broke further downwards to a $0.071441 low, sinking below several support points. 

Bullish movements  as a result of Binance staking

However, the altcoin is witnessing slight price gains since the start of this week around the $0.070 test zone. Yesterday’s session pushed the price further around the $0.072 resistance area and as the daily sessions opened, bullish pressures continued to dictate XLM’s market movement. 

Despite few bearish breakouts, XLM is still way up the important moving averages. The stochastic oscillator signal also represents a buy market.

This denotes high market anticipation for the bulls to control market direction, but not in the long term