XLM Price Analysis – April 25
XLM/USD has been holding a tight grip over the bullish momentum since a few days ago as the price surges steadily above $0.65 resistance level.
Resistance levels: $0.071, $0.073, $0.075
Support levels: $0.054, $0.052, $0.050
XLM/USD is indicating an uptrend in the market, hovering around the upper boundary of the channel. In a couple of 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. Moreover, 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 $0.054, $0.052, and $0.50 after breaking below the 9-day and 21-day moving averages. In other words, considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.071, $0.072, and $0.074 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 around the upper boundary of the ascending channel at 826 SAT after touching the high of 836 SAT. If the bulls fail to push the price higher, Stellar (XLM) may likely experience a sharp drop at 780 SAT support level. Breaking this level could further drag the market to other support levels at 750 SAT and below.
In other words, as the RSI (14) moves within the overbought zone, the coin may likely continue the upward movement in as much as the indicator stays within the zone. More so, the recovery is underway and in no time we would see Stellar maintaining the upward movement. The resistance levels to keep eye on are 900 SAT and above.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.