XLM Price Analysis – December 31
At the time of writing, the Stellar (XLM) is seen as having a plunging momentum as the price moves around $0.0448.
Resistance levels: $0.049, $0.51, $0.053
Support levels: $0.041, $0.039, $0.037
The price of Stellar (XLM) is indicating downtrend in the market moving below 9-day and 21-day moving averages. The coin is bitten by the bear and once again the expectations of upsurge are ruined. Traders were quite apprehensive about the progression of the coin, but it looks like the coin would take time to improve. The coin is slipping in the crypto chart in terms of rank.
However, as the Stellar price remains jerky, we await the possible direction of XLM. For a positive peak, the $0.049, $0.051 and $0.053 are the main resistance levels for the coin at the moment. Looking at the volume of the chart, we can see the XLM at its lowest. As a result, a negative spike would test significant support at $0.041 and $0.039 before a slippage of $0.037.
More so, XLM/USD may go bearish in the long run as the stochastic RSI may likely be moving out of the overbought territory.
Looking at the market structure, we can see that XLM/BTC is sitting at 626 SAT. If the price level can hold well, we may see a buyback at 650 SAT resistance before breaking up the 670 SAT and above. But as it stands now, the bears are attempting to visit close supports before climbing higher.
Moreover, as the stochastic RSI moves into the overbought condition, should the price fluctuates below the 9-day moving average, corresponding with the 620 SAT support, we can expect the XLM market to resume its bearish pressure which may likely move towards the support level of 580 SAT and below.
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