XLM Price Analysis – January 22
Since the last few days of price movement, the bulls have suffered a slight downtrend playing on the daily chart.
Resistance levels: $0.38, $0.40, $0.42
Support levels: $0.14, $0.12, $0.10
XLM/USD is indicating an uptrend in the market moving below the moving averages of 9-day and 21-day. The coin has been bitten by the bear and all the expectations of upsurge are ruined. The price is now roaming around the $0.027 level; if the bulls can regroup and buy the market above the moving averages, we can then start to consider a bull-run for the coin.
What is the Next Direction for Stellar (XLM)?
A fall back-formation could bring the price to $0.14, $0.12, and $0.10 if the coin breaks below the minor support at $0.020. Considering a continuous trend reversal for this pair, Stellar could surge towards the $0.38, $0.40, and $0.42 on a short-term bullish. However, there’s a need for a clear break above the moving averages. As of now, Stellar is yet to validate a strong bullish signal but the RSI (14) has already moved above 52-level.
XLM/BTC Market: Continue to Move Sideways
Comparing with Bitcoin, the pair is still trading at the 9-day and 21-day moving averages and it is currently trading at the 819 SAT. Therefore, if the bulls couldn’t push the price above the channel, the stellar price may likely see a sharp drop below the moving averages. Breaking below this level could further drag the market to other support levels at 500 SAT and below.
Moreover, as the RSI (14) moves in the same direction above the 50-level, the market may continue to move in sideways. Aside from that, XLM is a result-oriented coin and it has also shown great potential in the past. However, the recovery is on the go, and in no time, we would see Stellar booking huge profits.