XLM Price Analysis – February 6
The Stellar (XLM) has been holding a tight grip over the bullish momentum since a couple of days ago; surges steadily above $0.70 resistance level.
Resistance levels: $0.078, $0.080, $0.082
Support levels: $0.063, $0.061, $0.059
XLM/USD is indicating an uptrend in the market, hovering around the upper boundary of the channel. In the past few days, we have seen XLM moving at a high speed in the market. However, recently, the market is projecting a volatile movement where Stellar is spotted following a bullish movement moderately. Meanwhile, the market is anticipated to come out of the phase soon while XLM may anticipate returning to its original momentum.
However, a fall back-formation below the lower trend line of the ascending channel could bring the price to the support levels of $0.063, $0.061, and $0.59 after breaking below minor support at $0.065. In other words, considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.078, $0.080 and $0.082 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line remains in the overbought territory.
Comparing with Bitcoin, the pair is still trading on the upside and currently trading above the 21 and 50 periods EMA at 730 SAT. If the bulls fail to push the price to the north, Stellar (XLM) may likely see a sharp drop at 700 SAT support level. Breaking this level could further drag the market to other support levels at 670 SAT and below.
Moreover, as the RSI (14) moves above the 65-level, the coin may likely continue the upward movement in as much as the indicator faces up. More so, Stellar (XLM) is results-oriented crypto and it has also shown great potential in the past. Meanwhile, the recovery is underway and in no time we would see Stellar booking huge profits. The resistance levels to watch are 780 SAT and above.
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