Steller’s stellar upsurge on hammer formations, gravestone doji creates traction for bulls - XLM/USD buying setup

Stellar (XLMUSD), has been one of the star performers in the last couple of days (especially last week’s rallies).

The pair has shown an upsurge about more than 20 percent per day (couple of times in last week’s rallies), and considerably, more than 50 percent for the week, now ranked as the 6thlargest cryptocurrency by market capitalization (as per CoinMarketCap).

Technically, the buzzing vigorous bullish rallies are observed on hammer pattern formation at 0.19810 levels which is bullish in nature (refer daily chart).

On the flip side, bears have resumed with the momentary price dips are seen on the occurrences of gravestone doji, at 028350 and hanging man at 0.28177 levels, consequently, the pair is, currently, trading at $0.27176 levels or dips around -3.83%.

While leading oscillators signal overbought pressures but no bearish momentum & trend indicators still bullish bias. 

For now, the prevailing bears seem to be creating better entry prices for the bullish opportunities. Hence, more rallies seem to be on cards upon the bullish DMA and MACD crossovers. 

With the overwhelming mainstream cryptocurrencies blotting considerable spikes, we could foresee more upside trade targets upto 0.30 levels while capitalizing on price dips as a better entry level in order to maximize the yields.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 41 levels (which is bullish), while hourly USD spot index was at -47 (bearish) while articulating at 07:02 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex