XLM Price Analysis – October 29
The bears are stepping back into the market as the Stellar (XLM) breaks below the channel.
Resistance levels: $0.83, $0.085, $0.087
Support levels: $0.072, $0.070, $0.068
The XLM coin is facing rejection after touching the daily high of $0.078. Stellar is seen pulling back and now trying to strike a rebound at $0.075. After breaking below the lower boundary of the channel, XLM/USD falls tremendously and touched the low of $0.075. The crypto coin is hustling to start a robust price recovery, but, it seems, it is still facing some serious hurdles.
Where is XLM Price Going Next?
Looking at the daily chart, Stellar is currently trading in a red candle and has already crossed below the 9-day and 21-day moving averages, with a potential surge of volatility. Considering a northward movement, the amounts of $0.083, $0.085, and $0.087 could constitute resistance for the market while a movement towards the south could bring support down to $0.072, $0.070, and $0.068 levels. Moreover, the technical indicator RSI (14) is moving below the 45-level to give more bearish signals.
XLM/BTC Market: Keeps Falling Drastically
Comparing with Bitcoin, the pair has eventually broken another solid support at the 580 SAT. As the market follows the downward trend; Stellar (XLM) may likely see another sharp drop at the support level of 550 SAT. Breaking this level could further drag the market to the nearest support levels at 520 SAT, 500 SAT, and 480 SAT.
However, XLM is currently changing hands at 576 SAT and if the bulls can hold the price and push the coin above the 9-day MA, the next key target price may be located at 630 SAT and 650 SAT respectively. Reaching these levels might move it to the 670 SAT level. Meanwhile, the technical indicator RSI (14) is now lying at the entrance of the oversold zone; there might be more bearish signals if it turns downward.