XLM Price Analysis – August 9
As reveals by the daily chart, Stellar (XLM) fails to sustain higher prices after breaking out.
Resistance levels: $0.116 $0.118, $0.120
Support levels: $0.092, $0.090, $0.088
Since June 28, XLM/USD has recorded the highest value moving from $0.62 to the high of $0.116 above the 9-day and 21-day moving averages at the time of writing. The on-going trend has retreated below the 9-day MA and the coin may likely touch the 21-day MA if the bulls failed to hold the price.
Will XLM Breakthrough Resistance Level $110 or Reverse?
Looking at the daily chart, XLM/USD is seen trading under the 9-day MA and a fall back-formation below the 21-day MA could bring the price to the support levels of $0.092, $0.090, and $0.088 after crossing below the lower boundary of the channel.
In other words, considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.116, $0.118, and $0.120 on a long-term bullish. The RSI (14) is a sideways movement at the moment as the signal line moves in the same direction below the 60-level.
XLM/BTC Market: Consolidating to the Downside
Against BTC, XLM is currently changing hands at 895 SAT after touching the 918 SAT, 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 980 SAT and 1000 SAT respectively.
However, reaching the above-mentioned levels could move it to the 1050 SAT and above as the technical indicator makes a quick-turn above 44-level. Meanwhile, there might be severe bearish movements if the market price drops and crosses below the lower boundary of the channel, which could hit the supports at 730 SAT and below.