XLM Price Analysis – September 16
Stellar (XLM) was drooling at the low levels. The currency started the month with significant momentum.
Resistance levels: $0.065, $0.67, $0.069
Support levels: $0.052, $0.050, $0.048
The price of Stellar (XLM) is indicating downtrend in the market moving below the moving averages of 9-day and 21-day. The coin is bitten by the bear and once again the expectations of upsurge are ruined. The price is now roaming around the $0.058 level; if the bulls can regroup and buy the market above the $0.060, we can then start to consider a bull-run for the XLM/USD pair. For now, the market is under bearish control.
Meanwhile, a fall back-formation could bring the price to $0.052, $0.050, and $0.48 after breaking below minor support at $0.055. Considering a trend reversal for this pair, Stellar could surge to $0.065, $0.067 and $0.068 on a short-term bullish. However, there’s a need for a clear break above the 21-day moving average. As of now, Stellar is yet to validate a strong bullish signal.
The Stochastic RSI for XLM is looking bullish at the moment, revealing that the buyers are trying to gain control of the market.
Comparing with Bitcoin, the pair is still trading on the downside and is currently trading at the 569 SAT. If the bulls couldn’t push the price above the 21-day MA, Stellar price may likely see a sharp drop at 530 SAT support level. Breaking this level could further drag the market to other support levels at 500 SAT and below.
Moreover, as the stochastic RSI is moving into the overbought condition and the price can be push above the moving averages. More so, XLM is a result-oriented coin and it has also shown great potential in the past. The recovery is on the go and in no time, we would see Stellar booking huge profits.
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