XLM Price Analysis – June 3
The Stellar (XLM) has been holding a tight grip over the bullish momentum since a few days ago; surges steadily above $0.080 resistance level.
Resistance levels: $0.090, $0.092, $0.094
Support levels: $0.073, $0.071, $0.069
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 9-day and 21-day moving averages could bring the price to the support levels of $0.073, $0.071, and $0.69 after breaking below minor support at $0.075. In other words, considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.090, $0.092, and $0.094 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line moves into the overbought territory.
Comparing with Bitcoin, the pair is still trading on the upside and currently trading above the 9-day and 21-day moving averages at 862 SAT. If the bulls fail to push the price to the north, Stellar (XLM) may likely see a sharp drop at the 800 SAT support level. Breaking this level could further drag the market to other support levels at 770 SAT and below.
Moreover, as the RSI (14) moves into the overbought zone, 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 as soon as the technical indicator remains within the overbought zone. The resistance levels to watch are 970 SAT and above.
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