XLM Price Analysis – September 20
It has been a rough day for Stellar (XLM), as the coin is now facing heightened selling pressure.
Resistance levels: $0.090, $0.95, $0.100
Support levels: $0.065, $0.060, $0.055
XLM/USD is trading at 3.28% at its current price of $0.075 as the Stellar (XLM) marked a notable decline from its recent highs of nearly $0.078 and touching the low of $0.075. The cryptocurrency is now flashing some signs of weakness as the coin slides below the 9-day and 21-day moving averages.
What is the Next Direction for Stellar (XLM)?
On the upside, the price should return above the moving averages to improve the short-term technical picture and resume the recovery. The next resistance may be created above this barrier at $0.085. However, XLM/USD bulls could push the market price towards the upper boundary of the channel to hit the potential resistance levels at $0.090, $0.095, and $0.100.
Nevertheless, if the market decides to move below the lower boundary of the channel, it could touch the critical support levels at $0.065, $0.060, and $0.078 as the technical indicator RSI (14) moves above 35-level, indicating that the market is still trading at the lower side.
XLM/BTC Market: Consolidating to the Downside
Against Bitcoin, the XLM price is trading on the downside and it is currently trading at the 698 SAT. Meanwhile, for the bulls to fail in pushing the price above the 9-day and 21-day moving averages, XLM/BTC may likely see a sharp drop at 680 SAT support level. Breaking below this level could further drag the market to other support levels at 628 SAT and below.
Moreover, as the RSI (14) moves into the oversold region, the market may fall to more to the downside. Aside from that, any bullish movement above the moving averages could see the coin trading above the channel at the resistance level of 760 SAT and above.