XLM Price Analysis – December 3
Stellar (XLM) experienced another fall in the price from the beginning of the week. The coin dropped tremendously and wasn’t showing any sign of recovery.
Resistance levels: $0.060, $0.62, $0.065
Support levels: $0.050, $0.048, $0.046
Stellar trades at $0.055; holds a strong bearish outlook. The month of December started with a fall, as the price of XLM dropped from $0.057 to $0.055. The technical indicators exhibit the selling pressure and lack of support from the moving averages. Stellar currently trades below the 9-day and 21-day moving average, manifesting a bear candle formation.
However, the market is currently displaying a sign of subduing volatility with choppy price action. Looking at the price chart, we can see the trading volume is still low. If the XLM/USD pair continues to stay under the control of bears, the price may touch the supports at $0.050, $0.048 and $0.46 levels. On the upside, we can expect the next level of resistance at $0.060, $0.062 and $0.064. The RSI (14) is moving below level 40, which indicates more drops.
Against Bitcoin, the pair is still trading on the downside breaking solid support at the 760 SAT below the 9-day moving average. Stellar price may likely see another sharp drop at 740 SAT support level. Breaking this level could further drag the market to the nearest support levels at 720 SAT and below.
More so, Stellar (XLM) is currently hovering at 760 SAT, if the bulls can hold the price and push it up across the upper side of the channel, the next key targets resistance lies at 800 SAT and above. Meanwhile, RSI (14) is now lying at 42-level, indicating that the market may be ranging soon.
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