XLM Price Analysis – June 16
The XLM/USD is moving sideways as the coin is now lurking around for a surge, trading in a medium-term wedge formation.
Resistance levels: $0.080, $0.085, $0.090
Support levels: $0.062, $0.057, $0.052
The technical indicator reveals that the XLM/USD pair may start to maintain a sideways movement in the long run. At the time of writing, the market is down by 0.84%. Nevertheless, XLM/USD may continue to fall as long as selling pressure remains on the market. For now, the $0.068 is a support for the market.
However, if the market could move above the 9-day and 21-day moving averages, the next level of resistance could be $0.076. More so, if the price follows the uptrend, XLM/USD could engage in immediate resistance at the $0.080, 0.085, and $0.090 levels to start the uptrend.
On the other hand, looking at the daily chart, one can easily see that the coin is close to the short-term support at $0.065. A significant drop below this support may result in new technical support at $0.062, $0.057, and $0.052. The RSI (14) faces the west at the signal line moves in the same direction.
Against Bitcoin, the pair is seen breaking solid support at the 738 SAT below the 9-day and 21-day moving averages. Stellar price may likely see another sharp drop at 700 SAT support level if the bulls fail to hold the price. Breaking this level could further drag the market to the nearest support levels at 680 SAT and below.
More so, Stellar (XLM) is currently hovering at 745 SAT, if the bulls can hold the price and push it up across the moving averages, the next key targets resistance lies at 810 SAT and above. Meanwhile, RSI (14) has nosedived below 45-level, indicating more bearish signals.
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