XLM Price Analysis – May 2
On the intraday chart, XLM/USD is seen rising with a soaring momentum as the currency is ragging above the expected level.
Resistance levels: $0.088, $0.090, $0.092
Support levels: $0.060, $0.058, $0.056
The daily chart reveals that XLM/USD is indicating an uptrend in the market, hovering around the upper boundary of the channel. In the past, we have seen XLM moving at a high speed in the market. More so, the market is recently projecting a volatile movement where Stellar is spotted moving moderately.
However, a fall back-formation below the 9-day and 21-day moving averages could bring the price to the support levels of $0.060, $0.058, and $0.056 after breaking below minor support at $0.062. Considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.088, $0.090, and $0.092 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line stays with the overbought zone.
Comparing with Bitcoin, the pair is still trading on the upside and is currently trading above the 9-day and 21-day moving averages at 851 SAT. If the bulls couldn’t push the price any further, Stellar (XLM) may likely see a sharp drop at 780 SAT support level. Breaking this level could further drag the market to other support levels at 740 SAT and below.
However, as the RSI (14) moves above 60-level, the coin may likely continue the upward movement as much as the indicator faces upward. More so, Stellar (XLM) has also shown great potential in the past. The recovery is on the go and in no time, we would see Stellar booking huge profits. The resistance levels to watch are 940 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.