Stellar (XLM) Price Analysis – June 20
The XLM markets have experienced a huge decline over the past weeks as the bears gain control of the market. During the course of the past weeks trading, Stellar’s value has depreciated by 50% as it currently trades at $0.12. The bears will continue to pull the market lower if the bulls fail to initiate buy setup.
Resistance levels: $0.125, $0.13
Support levels: $0.116, $0.115
The price of Stellar has been relatively low over the past weeks to $0.116 before following an ascending channel since June 10. XLM trading has managed to break above the upper channel the, meeting $0.135 before falling back to the lower channel. The bears have been revealed to be gaining control of the market.
Today, the XLM price broke the lower channel to the $0.12 low before showing a rejection which could retest the break level at $0.125 resistance before the bearish rally continues. If the bulls continue to mount pressure, the $0.13 resistance lies the further resistance. The 4-hours MACD is currently bearish. We can expect the next selling pressure towards the $0.116 and $0.115 supports.
Looking at the Stellar against Bitcoin market, we can see that the price has drastically dropped for the past four weeks as the market approaches the May rise level at the 1250SAT support. The enormous sell-off was reflected on the 4-hours MACD as it now remains in a bearish condition. As XLM nears the above support, a break low could significantly drop the price to 1000SAT and below.
In case of a rebound, we may retest the 1400SAT and 1500SAT on a high move before resuming the rally. Should the bulls manage to stay significantly above the yellow descending trend line, we may see a bull-run. But with the current trend, the bears are very much dominant as new low may be created.
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