Stellar Price Analysis – December 27
According to the daily chart, the upward direction shows that Stellar (XLM) is revealing and following the bullish movement.
XLM/USD Market
Key Levels:
Resistance levels: $0.33, $0.35, $0.37
Support levels: $0.27, $0.25, $0.23
On the daily chart, XLM/USD is gradually maintaining an upward trend as the size of the market volume increases. Meanwhile, a boost is likely to trigger the price above the upper boundary of the channel, where the resistance level of $0.31 is located. In addition, the Stellar price can continue to move higher within the channel until a price break above the channel plays out.
Stellar Price Analysis: Stellar (XLM) Aims at Higher Levels
At the time of writing, the Stellar price is trading well above the 9-day and 21-day moving averages. A fall back-formation below the moving averages could bring the market price to the support levels of $0.27, $0.25, and $0.23 towards the lower boundary of the channel.
On the contrary, if the buyers consider a continuous upward trend for this coin, XLM/USD could surge towards the resistance levels of $0.33, $0.35, and $0.37 on a long-term bullish. At the moment, the technical indicator Relative Strength Index (14) is looking bullish as the signal line moves to cross above 60-level, suggesting more bullish signals into the market.
XLM/BTC Market: Consolidating to the Upside
Comparing with Bitcoin, the pair is still trading within the channel and currently trading above the 9-day and 21-day moving averages at 938 SAT after touching the high of 596 SAT. Should in case, the bulls fail to push the coin higher, Stellar (XLM) may likely experience a sharp drop at 570 SAT support level, and breaking this level could therefore bring the market to the critical support at 560 SAT and below.
In other words, as the technical indicator Relative Strength Index (14) moves above the 60-level, the coin may continue the upward movement in as much as the indicator stays within the positive area. Meanwhile, the recovery is underway and in no time, traders would see Stellar maintaining the upward movement. However, the potential resistance level could be located at 620 SAT and above.
