XLM Price Analysis – November 14
The bears are back in control of the market as traders may consider selling with bearish candle reversal pattern as confirmation.
Resistance levels: $0.085, $0.90, $0.095
Support levels: $0.062, $0.057, $0.052
Yesterday, the XLM coin opened at $0.0769, and after a mild low swing, it reached $0.0761. Facing a rejection above, Stellar pulled back and tried to strike a rebound at $0.0753, but couldn’t, due to market bull, presumably. XLM/USD has resumed the fall today also and has recently bottomed at $0.07246. The crypto coin is hustling to start a robust price recovery, but, it seems, is still facing hurdles.
Looking at the daily chart, Stellar is currently following a downward trend and about to cross below the trend line, with a potential surge of volatility. Considering a northward movement, the amounts of $0.085, $0.090 and $0.095 could constitute resistance for the market. Alternatively, a movement toward the south could bring support down to $0.062, $0.057, and $0.052, while the RSI (14) continued to move down below level 50.
Comparing with Bitcoin, the market price keeps falling but currently moving towards the 9-day moving average. As at the time of writing, XLM/BTC is trading within the channel at 854 SAT. Looking at the daily chart, one could easily say that the bears in dominating the market.
Similarly, we may expect a long-term surge in volatility to play out as soon as the sellers keep pushing the price to the south. From above, the nearest resistance levels to look out for are 950 SAT and 1000 SAT while from below, the 740 SAT and 690 SAT may provide supports for the market. The RSI (14) is currently moving below the $60 level.
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