XLM Price Analysis – October 14
Today, XLM/USD continues to drop below the 9-day moving average as Stellar trades with bearish nature.
Resistance levels: $0.083, $0.081, $0.079
Support levels: $0.068, $0.066, $0.064
A few days, XLM/USD breaks above the upper boundary of the channel but after rising close to $0.079. The crypto market seems to be having a dull day even today as the major coin like Bitcoin, Ethereum, and XRP has been trading with a downtrend only. Bitcoin price, the anchor has even slipped below $11,400 and it is currently correcting upwards.
Would Stellar Go Up Today or Down?
Taking a look at the price chart, if the XLM/USD pair continues to stay under the control of bears, the price may likely roll back to previous supports at $0.068, $0.066, and $0.068 levels. On the upside, the bulls need to break out and push the price towards the next level of resistance at $0.083, $0.088, and $0.080. The RSI (14) is seen moving under level 50, meaning that the sellers may come to play.
XLM/BTC Market; The Bulls are Flexing their Muscles
Comparing with Bitcoin, the pair is trading on the upside and currently trading around the upper boundary of the ascending channel at 1128 SAT after touching the high of 1170 SAT. If the bulls fail to push the price higher, Stellar (XLM) may likely experience a sharp drop at the 1100 SAT support level. Breaking below this level could further drag the market to other support levels at 1030 SAT and below.
Nevertheless, the technical indicator RSI (14) is seen moving within the overbought zone, the coin may likely continue the upward movement in as much as the indicator stays within the zone. Similarly, the recovery is underway and in no time traders would see XLM maintaining the upward movement. The resistance levels to keep eye on are 1200 SAT and above.