XLM Price Analysis – October 12
Stellar (XLM) is a volatile coin as the price fluctuates; the cryptocurrency has always been notable.
Resistance levels: $0.070, $0.75, $0.080
Support levels: $0.050, $0.045, $0.040
The price of Stellar (XLM) is indicating an uptrend in the market, hovering around the 21-day moving average. In the past, we have seen XLM moving at a high speed in the market. However, recently, the market is projecting a volatile movement where Stellar is spotted moving moderately. The market is anticipated to come out of the phase soon and XLM is also anticipated to return to its original momentum with time.
However, a fall back-formation below the trend line of the ascending channel could bring the price to the support levels of $0.050, $0.045, and $0.40 after breaking below minor support at $0.055. Considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.070, $0.075 and $0.080 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line faces level 50.
Comparing with Bitcoin, the pair is still trading on the upside and is currently trading above the 21-day moving average at 732 SAT. If the bulls couldn’t push the price upward, Stellar (XLM) may likely see a sharp drop at 700 SAT support level. Breaking this level could further drag the market to other support levels at 650 SAT and below.
Moreover, as the stochastic RSI moves into the oversold conditions, the coin may likely resume the upward movement as soon as the indicator turns up. 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. The resistance levels to watch are 830 SAT and above.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.