XLM Price Analysis – October 25
The Stellar (XLM) price was seen trading at $0.0613 today while the price is trending below the moving average.
Supply levels: $0.065, $0.70, $0.075
Demand levels: $0.055, $0.050, $0.045
The Stellar price is currently facing the upward movement in a flag formation since yesterday. XLM/USD is priced at $0.0613 at the time of writing. The chart shows that the price first went up to $0.0616 when the market opened yesterday, where it met supply and then fell to $0.0600 where the trade closed for the day. Today, the bulls re-entered again and took the price up to $0.0613 where it is trading currently.
Moreover, the daily price is trending below the 21-day moving average curve acts as immediate market resistance. The bulls will want to overcome supply at 21-day MA to reach $0.065, $0.070 and $0.075 levels. The stochastic (RSI) is moving into the oversold zone which may likely cause the market to drop more. Meanwhile, the demand levels to watch are $0.055, $0.050 and $0.045 respectively.
Against BTC, looking at the price movement, we can see that Stellar (XLM) is significantly bearish on the daily price chart. Now that the price is falling, the sellers are posing more threat to the 755 SAT demand level where the nearest target lies. However, an eventual break may lead to Stellar’s collapse.
However, a further bearish continuation will likely meet the major demand at 670 SAT before falling to 650 SAT and 630 SAT while the buyers may likely push the market to the critical potential supply at 850 SAT, 870 SAT and 890 SAT respectively. The RSI (14) has recently seen a quick drop in price with sharply nosedive to around 50-level. XLM will continue to drop if the sellers continue to release the pressure.
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