Stellar Price Analysis – October 14
According to the daily chart, the Stellar price is rising with a soaring momentum as the coin is ragging above the expected level.
Resistance levels: $0.430, $0.450, $0.470
Support levels: $0.310, $0.290, $0.270
XLM/USD is indicating an uptrend in the market, hovering above the 9-day and 21-day moving averages within the descending channel. In the past few trading days, traders have seen the Stellar (XLM) following a bullish movement. But recently, the market is projecting a volatile movement where Stellar is likely to follow a sideways movement.
Stellar Price Analysis: What Could Be The Next Move for Stellar (XLM)?
At the time of writing this, the Stellar, price is seen crossing above the upper boundary of the channel. However, a fall back-formation below the 9-day and 21-day moving averages could bring the price to the support levels of $0.310, $0.290, and $0.270 after breaking below minor support at $0.350.
However, considering a continuous upward trend above the upper boundary of the channel, XLM/USD could surge towards the resistance levels of $0.430, $0.450, and $0.470 on a long-term bullish. Meanwhile, the technical indicator Relative Strength Index (14) is looking bullish at the moment as the signal line moves above 60-level.
XLM/BTC Market: Price May Continue to Move Sideways
Against Bitcoin, the pair is likely to move sideways as the price stays above the 9-day moving average within the channel. Stellar price may likely see another sharp drop if the bulls fail to hold the price and any bearish movement below the lower boundary of the channel could drag the market to the nearest support level at 580 SAT and below.
However, Stellar (XLM) is currently hovering at 642 SAT, if the bulls can hold the price and push it up above the upper boundary of the channel, the next key targets resistance could be located at 720 SAT and above. Meanwhile, the technical indicator Relative Strength Index (14) moves around 48-level, indicating a sideways movement.