XLM Price Analysis – September 14
Stellar (XLM) experienced a heavy fall in the price from the beginning of the week. The coin dropped tremendously and wasn’t showing any sign of recovery.
Supply levels: $0.068, $0.73, $0.078
Demand levels: $0.048, $0.043, $0.038
Stellar (XLM) price is indicating downtrend in the market moving below 21-day MA and within the symmetric triangle. The coin is bitten by the bear and once again the expectations of upsurge are ruined. The price is now roaming around the $0.057 level; the XLM/USD pair might further look for higher price levels if the bulls continue to show any commitment.
However, the market is currently displaying a sign of subduing volatility with choppy price action. Looking at the price chart, we can see the trading volume is still low. If the XLM/USD pair continues to stay under the control of bears, the price may touch the demands at $0.048, $0.043 and $0.38 levels. On the upside, we can expect the next level of supply at $0.068, $0.073 and $0.078. The stochastic RSI is moving towards level 40, which indicates more drops.
Against Bitcoin, the pair is still trading on the downside and has eventually broken another solid support at the 557 SAT. Stellar price may likely see another sharp drop at 545 SAT support level. Breaking this level could further drag the market to the nearest support levels at 470 SAT and below.
Furthermore, Stellar (XLM) is currently hovering at 557 SAT, if the bulls can hold the price and push it up to cross the upper side of the channel, the next key targets resistance lies at 640 SAT and above. Meanwhile, RSI (14) is now lying at the oversold zone, indicating that there might be bullish signals if turns upward.
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