XLM Price Analysis – July 8
The Stellar (XLM) is seen holding a tight grip over the bullish momentum; surges steadily above $0.080 resistance level.
Resistance levels: $0.088, $0.090, $0.092
Support levels: $0.066, $0.064, $0.062
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. Recently, the market is projecting a volatile movement where Stellar is spotted following a bullish movement moderately.
However, a fall back-formation below the moving averages of the channel could bring the price to the support levels of $0.066, $0.064, and $0.062 after breaking below minor support at $0.070. In other words, 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 moves toward 68-level.
Comparing with Bitcoin, the pair is still trading on the upside and currently trading above the 9-day and 21-day moving averages at 843 SAT. If the bulls fail to push the price above the channel, Stellar (XLM) may likely see a sharp drop at the 800 SAT support level. Meanwhile, breaking this level could further drag the market to other support levels at 750 SAT and below.
Moreover, as the RSI (14) moves into the overbought zone, the coin may continue the upward movement in as much as the indicator remains within this zone. More so, Stellar (XLM) recovery is underway and in no time we would see the coin booking huge profits. The resistance levels to watch are 920 SAT and above.