XLM Price Analysis – August 28
It has been a rough day for Stellar (XLM), as the coin is now facing heightened selling pressure.
Resistance levels: $0.105, $0.107, $0.109
Support levels: $0.082, $0.080, $0.078
At the time of writing, XLM/USD is trading at 0.62% at its current price of $0.094. Yesterday, Stellar (XLM) marked a notable decline from its recent highs of nearly $0.098 that were set when it surged alongside Bitcoin and the rest of the market. The cryptocurrency has been flashing signs of similar weakness while looking towards its Bitcoin trading pair.
What to Expect from Stellar (XLM)
On the upside, the price should return above $0.100 to improve the short-term technical picture and resume the recovery. The next resistance may be created by the intraday high of $0.102 and psychological $0.104. Above this area, XLM/USD bulls could push the market price above the 9-day and 21-day moving averages to hit the potential resistance levels at $0.105, $0.107, and $0.109.
Nevertheless, if the market decides to move below the lower boundary of the channel, it may touch the critical supports at $0.082, $0.080, and $0.078 as the technical indicator RSI (14) moves above 40-level, indicating that the market is still trading at the lower side.
XLM/BTC Market: Faces Bearish Correction
Comparing with Bitcoin, the pair is trading on the downside and is currently trading at the 828 SAT. If the bulls fail to push the price above the 9-day and 21-day moving averages, XLM/BTC may likely see a sharp drop at 800 SAT support level. Breaking below this level could further drag the market to other support levels at 700 SAT and below.
Moreover, as the RSI (14) is moving in the same direction around 40-level, the market may start moving in sideways. Aside from that, any bullish movement above the moving averages could see the coin trading above the channel at the resistance level of 950 SAT and above.