XLM Price Analysis – November 24
The XLM/USD is still looking bearish despite all indication for positive moves and the coin is now looking around for a surge.
Resistance levels: $0.070, $0.075, $0.080
Support levels: $0.050, $0.045, $0.040
Looking at the daily chart, the XLM/USD pair continued to maintain a downward trend in the long run. For the moment, the market is down by 5.23%. The price of Stellar will continue to fall as long as the selling pressure remains on the market. For now, the $0.056 is serving support for the market.
Meanwhile, the next level of resistance to watch is $0.065. Should in case the price begins to follow an upward movement, Stellar could engage in immediate resistance at the $0.070, $0.075 and $0.080 levels to maintain the uptrend. On the other hand, the coin is close to short-term support at $0.050. A significant drop below this support may result in new technical support at $0.045 and $0.040.
At the moment, the MACD signal lines are about to cross to the negative side, a continuous downward movement is expected.
Against Bitcoin, Stellar (XLM) seems bearish as the price fell below the 850 SAT today. A few days ago, the bull seems to be stepping back into the market and the price could rise above the 9-day and 21-day moving averages which may likely reach the 900 SAT and 950 SAT resistance levels. Conversely, if the bears decide to move the price below the moving averages, it may likely touch the support levels of 750 SAT and 700 SAT, bringing the price to a new monthly low.
However, the MACD indicator still moves within the positive side. Looking at the daily chart, it shows that the Stellar’s volume is decreasing due to the selling pressure on the market. More so, the coin may expect serious selling pressure once again once the technical indicator turns to the negative side.
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