XLM Price Analysis – May 26
The XLM/USD is still looking bearish despite all indication for positive moves and the coin is now looking around for a surge.
Resistance levels: $0.076, $0.078, $0.080
Support levels: $0.053, $0.051, $0.049
XLM/USD pair continues to maintain a downward trend within the channel. The coin has been moving sideways since May 11, and couldn’t break out or break down. Currently, the market is down by 1.85% and the price of Stellar may continue to fall as long as the selling pressure remains on the market. Similarly, the technical indicator RSI (14) drops below 50-level.
Meanwhile, if the bulls could push it above the 9-day and 21-day moving averages; it may likely reach the resistance level of $0.076, $0.078, and $0.080 to maintain the uptrend. Conversely, the coin is close to short-term support at $0.063. A significant drop below this support may result in new technical supports at $0.053, $0.51, and $0.049.
Against BTC, the market is seen to be moving around the 9-day and 21-day moving averages within the symmetric triangle where the price is expected to break out. Should the price succeed, then, the market may experience an uptrend that may touch the nearest resistance level of 800 SAT and above.
However, if the XLM price crosses down the moving averages to move below the channel, the coin is expected to reach the support at 660 SAT and below. But as confirmed by the RSI (14) indicator, the market may experience sideways movement as the signal line moves in the same direction.
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