Stellar Price Analysis – December 17
As seen on the daily chart, the Stellar bears are stepping back into the market as the coin may fall heavily.
XLM/USD Market
Key Levels:
Resistance levels: $0.30, $0.32, $0.34
Support levels: $0.20, $0.18, $0.16
The XLM/USD is facing rejection after touching the daily high of $0.26 resistance level. The Stellar price is seen pulling back as it is now trying to strike a rebound at $0.25. After breaking below the opening price, XLM/USD falls slightly to touch the low of $0.24. However, the crypto is hustling to start a price recovery, but, it seems, it is still facing some serious bearish hurdles.
Stellar Price Analysis: Stellar (XLM) May Get in Trouble
Looking at the daily chart, Stellar is currently trading in a red candle trading towards the downside with a potential surge of volatility. Meanwhile, considering a northward movement, the amounts of $0.30, $0.32, and $0.34 could constitute resistance for the market while a continued movement towards the south could bring support down to $0.20, $0.18, and $0.16 levels. Moreover, the technical indicator Relative Strength Index (14) is moving below 40-level to give more bearish signals.
XLM/BTC Market: Keeps Falling Drastically
Comparing with Bitcoin, the Stellar price keeps sliding below the 9-day and 21-day moving averages. More so, as the market follows the downward trend; Stellar (XLM) may likely see another sharp drop that may makes it to cross below the lower boundary of the channel. Therefore, breaking this barrier could further drag the market to the nearest support levels at 500 SAT, 480 SAT, and 460 SAT.
However, XLM is currently changing hands at 535 SAT and if the bulls can push the price above the moving averages, the next key target price may be located at 580 SAT and 600 SAT respectively. Reaching these levels might move it to the 620 SAT level. Meanwhile, the technical indicator Relative Strength Index (14) is facing the downside; there might be more bearish signals if it crosses below 40-level.
