XLM price is up by more than 4% in the past few hours

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 in a position to keep above the $45,000 mark, posting positive factors of three.2% up to now 24 hours to commerce at $47,160 per coin.

Ether can also be trying to prime the $3,400 mark after rallying by almost 3% over the previous few hours. The second-largest cryptocurrency by market cap might look to surpass the $3,500 resistance level if the present market circumstances persist.

Binance Coin (BNB), XRP, Polkadot and Dogecoin are all buying and selling within the inexperienced zone. Stellar Lumen (XLM) can also 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 stage at $0.3351.

XLM worth outlook

The XLM/USD 4-hour chart is wanting bullish in the meanwhile, indicating that additional development might be on the horizon for the cryptocurrency. Its RSI at present sits at 57 and is heading in 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 seems to be primed to interrupt previous the primary main resistance stage at $0.3351 over the approaching hours. Within the occasion of a broader rally from the cryptocurrency market, XLM might take a look at the resistance stage on the 23.6% Fib of $0.3402. The rally might push it additional in direction of the second main resistance stage at $0.3500, which can also be its 200 easy transferring common (SMA).

XLM/USD 4-hour chart. Supply: TradingView

Nevertheless, if XLM is unable to topple the resistance stage at $0.3351, it might drop in direction of the $0.3263 pivot. This might set off additional downward motion and produce the primary main help stage, at present at $0.3213, into play. The second main help stage at $0.3111 might restrict additional losses except the bearish sentiment within the broader market grows stronger.