Stellar Price Analysis – September 6
The Stellar price is currently facing an uptrend as the cryptocurrency has always been notable.
Resistance levels: $0.45, $0.47, $0.49
Support levels: $0.35, $0.33, $0.31
XLM/USD is currently indicating an uptrend in the market within the ascending channel as the price stays above the 9-day and 21-day moving averages. According to the daily chart, the Stellar price is planning a big bullish movement above the channel where the coin is spotted facing the upside. However, XLM/USD may likely regain its initial bullish momentum if bulls push the price above the upper boundary of the channel.
Stellar Price Analysis: Stellar (XLM) Ready to Locate Higher Resistance
Looking at the daily chart, the Stellar price is showing an upward trend with a potential surge of volatility. Considering a northward movement, the $0.45, $0.47, and $0.49 levels could constitute resistance for the market. Alternatively, a movement toward the south could bring support down to $0.35, $0.33, and $0.31 levels, while the technical indicator Relative Strength Index (14) is giving more positive signals for Stellar as the signal line moves to cross into the overbought region.
XLM/BTC Market: Consolidating Within the Channel
Against Bitcoin, the Stellar price moves to cross across the upper boundary of the channel. However, the coin is currently trading above the 9-day and 21-day moving averages at 802 SAT. Therefore, if the bears bring the coin below the moving averages, Stellar (XLM) may likely touch the support level of 750 SAT. Breaking this level could further drag the market to other support levels at 700 SAT and below.
However, the technical indicator Relative Strength Index (14) is seen moving to cross above 60-level. Meanwhile, the Stellar price may continue the upward movement within the channel if the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average and it is likely for the Stellar (XLM) to keep the bullish movement. Therefore, crossing above the upper boundary of the channel could hit the resistance level of 880 SAT and above.