Stellar Price Analysis – June 9
The Stellar price is moving sideways as the coin keeps lurking around for a surge, trading in a medium-term wedge formation.
Resistance levels: $0.480, $0.560, $0.610
Support levels: $0.200, $0.150, $0.100
As the XLM/USD keeps trading below the 9-day and 21-day moving averages, the technical indicator Relative Strength Index (14) reveals that the Stellar price may start to maintain a sideways movement in the long run. At the time of writing, the market is up by 1.32%. Nevertheless, XLM/USD may continue to fall as long as selling pressure remains on the market but for now, the $0.300 remains the only support for the market.
Stellar Price Analysis: The Next Likely Direction for Stellar (XLM)
As the daily chart reveals, the bulls keep the Stellar price within the negative side and if the market price could cross above the 9-day and 21-day moving averages, the next level of resistance could be $0.450. More so, if the price follows the uptrend, XLM/USD could engage in immediate resistance levels at $0.450, 0.560, and $0.610 to start the uptrend.
Meanwhile, looking at the daily chart, traders can easily see that the Stellar price is close to the short-term support at $0.350. A significant drop below this support may result in new technical support at $0.200, $0.150, and $0.100 as the technical indicator Relative Strength Index (14) faces the east as the signal line moves in the same direction.
XLM/BTC Market: Price See a further Downside?
Against Bitcoin, the pair is seen breaking solid support at 1000 SAT below the 9-day and 21-day moving averages. Stellar price may likely see another sharp drop at 900 SAT support level if the bulls fail to hold the price. Meanwhile, breaking this level could further drag the market to the nearest support levels at 800 SAT and below.
Moreover, Stellar (XLM) is currently hovering at 971 SAT, if the bulls can hold the price and push it up across the moving averages, the next key target resistance lies at 1200 SAT and above. Meanwhile, the Relative Strength Index (14) nosedives below 40-level, indicating more bearish signals.