XLM Price Analysis – November 1
A stellar (XLM) increases by 6.84% as the market opens for trade today. The price escalation increases hope among the intraday traders.
Resistance levels: $0.072, $0.74, $0.076
Support levels: $0.061, $0.059, $0.057
In the last seven days, XLM has recorded the highest value moving from $0.62 to $0.68 and above the 9-day MA as at the time of writing. The on-going trend may move a little bit higher, and the coin may likely touch the nearest resistance at $0.72 before the new week comes up, and if the bulls put more effort, it could hit additional resistance levels at $0.74 and $0.76 respectively.
Moreover, should in case the bulls failed, the token’s price will begin to resume low if the bearish volatility occurs and move down to cross the 9-day MA. The support levels to watch for are $0.61, $0.59 and $0.57. The stochastic RSI moves at the tip of the overbought zone.
Against BTC, the market is seen to be moving above the 9-day moving average and within the ascending wedge channel where the price is expected to be broken out as revealed in the daily chart. Should the price break above the upper side of the channel, then, the market may experience an upward trend which may likely touch the nearest resistance level 815 SAT and above.
Nevertheless, the bullish sentiment could push the market to reach 830 SAT and 850 SAT resistance levels. Similarly, if the XLM price crosses down the bottom line of the channel, the coin is expected to reach the support at 650 SAT and 670 SAT price levels. The stochastic RSI indicator confirms that the market is coming out of the oversold zone which may start giving more bullish signals in the nearest term.
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