Stellar Price Analysis – October 31
Stellar (XLM) is a volatile coin as the price fluctuates; the cryptocurrency is likely to cross above the moving averages.
XLM/USD Market
Key Levels:
Resistance levels: $0.43, $0.45, $0.47
Support levels: $0.31, $0.29, $0.27
XLM/USD faces the upward movement as the market remains intact within the channel, the price remains above the 9-day and 21-day moving averages to kick-start the upward movement. For some time, the Stellar price is planning to break to the upside as the coin is spotted moving moderately above the moving averages. Moreover, 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) May Visit the Upside
Looking at the daily chart, the Stellar price is showing an upward trend with a potential surge of volatility. Considering a northward movement, the $0.43, $0.45, and $0.47 levels could constitute resistance for the market. Alternatively, a movement toward the south could bring support down to $0.31, $0.29, and $0.27 levels, while the technical indicator Relative Strength Index (14) may give positive signals for Stellar as the signal line moves to cross above 60-level.
XLM/BTC Market: Consolidating to the Downside
Against Bitcoin, the pair is still at the downside, currently trading within the 9-day and 21-day moving averages at 608 SAT. If the bulls continue to push the coin towards the upper boundary of the channel, Stellar (XLM) may likely see a spike to the 630 SAT resistance level. Breaking this level could further push the market to the potential resistance level at 650 SAT and above.
However, as the technical indicator Relative Strength Index (14) moves to cross below 50-level, the Stellar price may likely continue the upward movement. On the contrary, if the red-line of the 9-day moving average remains below the green-line of the 21-day moving average, it is likely for Stellar (XLM) to continue the bearish movement which could break below the lower boundary of the channel to hit the support level of 550 SAT and below.
