Crypto Daily – Stellar prices reversed from key support level

Today in cryptocurrencies, XLMUSD Stellar prices found a support area located at the intersection of key support level 0.1700, which stopped the previous sharp downward impulse wave 1 at the end of January shown in the Stellar daily chart below, and the lower daily Bollinger Band. The upward movement not only reversed Stellar prices away from this support zone, moreover stopped the previous short-term impulse wave (iii).

XLMUSD - Primary Analysis - Feb-22 1037 AM (1 day)-1

Given the strength of the nearby support area, oversold by readings based on the daily Stochastic indicator – Stellar cryptocurrency prices is widely believed to begin correcting upwards from the current levels towards the next resistance level 0.1900 (former multi-candle support from end of February).

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