Stellar Price Analysis – November 11
The daily chart shows that the upward direction of Stellar (XLM) is revealing as the bull gains momentum within the market.
Resistance levels: $0.43, $0.45, $0.47
Support levels: $0.34, $0.32, $0.30
According to the daily chart, XLM/USD is gradually maintaining an uptrend as the market volume size is increasing. However, a push is likely to shoot price towards the upper boundary of the channel, where the $0.42 resistance level lies. More so, the Stellar price may continue in the channel pattern until a price break above the channel is experienced.
Stellar Price Analysis: What to Expect from Stellar (XLM)
As the Stellar price moves toward the channel, any bearish movement below the 9-day and 21-day moving averages may bring the market price to the support levels of $0.34, $0.32, and $0.30. However, considering a continuous upward trend for this coin, XLM/USD could surge above the upper boundary of the channel to hit the resistance levels of $0.43, $0.45, and $0.47 on a long-term bullish. Meanwhile, the technical indicator Relative Strength Index (14) is looking bullish at the moment as the signal line moves to cross above 60-level.
XLM/BTC Market: Price Remains at the Downside
Comparing with Bitcoin, the pair is still trading within the descending channel and currently trading above the 9-day and 21-day moving averages at 610 SAT after touching the high of 620 SAT. If the bulls fail to push the price higher, Stellar (XLM) may likely experience a sharp drop below the moving averages, breaking this barrier could drag the market to the critical support at 540 SAT and below.
Meanwhile, the technical indicator Relative Strength Index (14) is seen moving above 50-level. Therefore, the coin may continue to follow the upward movement in as much as the technical indicator stays within the bullish zone. More so, the daily chart reveals that the recovery is underway and in no time traders would see Stellar maintaining the upward movement as the resistance level could be located at 660 SAT and above.