XLM Price Analysis – May 12
On the intraday chart, XLM/USD is seen rising with a soaring momentum as the currency is ragging above the expected level.
Resistance levels: $0.075, $0.077, $0.079
Support levels: $0.048, $0.046, $0.044
XLM/USD is indicating an uptrend in the market, hovering below the 9-day and 21-day moving averages within 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 sideways movement moderately.
However, a fall back-formation below the channel could bring the price to the support levels of $0.048, $0.046, and $0.44 after breaking below minor support at $0.055. In other words, considering a continuous upward trend for this pair, XLM/USD could surge above the moving averages to hit the resistance levels of $0.075, $0.077, and $0.079 in the long-term bullish. The RSI (14) is looking bearish at the moment as the signal line moves around 49-level.
Against BTC, the market is seen to be moving below the 9-day and 21-day moving average within the ascending channel where the price is expected to break above the moving averages. Should the price succeeds, then, it may begin an upward trend which could touch the nearest resistance level 850 SAT and above.
In other words, if the XLM price crosses down the bottom line of the channel, the coin is expected to reach the support at 630 SAT and 600 SAT price levels. The technical indicator RSI (14) confirms that the market may focus on the north to start giving more bullish signals in the nearest term.
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