XLM Price Analysis – July 26
After the last few days of upward movement, the bulls are suffering from a slight downtrend playing on the daily chart.
Resistance levels: $0.115, $0.120, $0.125
Support levels: $0.085, $0.080, $0.075
Presently, XLM/USD is changing hands around 9-day moving average at $0.099 level, the coin has been moving in sync with the broader market gripped by bearish sentiments and panic selling. Stellar is the fourteenth-largest cryptocurrency with the current market value of $2.05 billion and an average daily trading volume of about $342 million.
However, as the Stellar (XLM) remains jerky, traders await the possible direction of the coin. Meanwhile, for a positive peak, the $0.115, $0.120, and $0.125 are the main resistance levels for the coin at the moment. Looking at the volume of the chart, we can see the XLM at its lowest. As a result, another negative spike may test significant support at $0.085 and $0.080, before a slippage of $0.075.
More so, XLM/USD may follow a bearish movement in the short run as RSI (14) is moving below 65-level, which may give more bearish signals.
Comparing with Bitcoin, the pair has eventually broken another solid support at the 100 SAT. Stellar (XLM) may likely see another sharp drop at the 900 SAT support level. Breaking this level could further drag the market to the nearest support levels at 800 SAT, 700 SAT, and 600 SAT.
However, XLM is currently changing hands at 998 SAT and if the bulls can hold the price tight and push it above the 9-day and 21-day moving averages, the next key target price lies at 1000 SAT and 1100 SAT respectively. Reaching these levels might move it to the 1200 SAT and above. Meanwhile, the RSI (14) is now focusing on the south; there might be severe bearish movements if it crosses below 50-level.