Stellar Price Analysis – January 10
The Stellar price slips to touch the low of $0.23 and the coin may likely create a new low towards the channel.
XLM/USD Market
Key Levels:
Resistance levels: $0.29 $0.30, $0.31
Support levels: $0.22, $0.21, $0.20
XLM/USD is experiencing a significant drop below the $0.25 support, which is currently affected by price action below the 9-day and 21-day moving averages in recent trading days. At the time of writing, the coin may lose momentum towards the lower downtrend, as well as a potential surge in price if the bulls fail to push Stellar’s price up.
Stellar Price Analysis: XLM Price Could Visit More Supports
Looking at the daily chart, the Stellar price remains below the 9-day and 21-day moving averages, and if the coin remains bearish, the market price could drop to the nearest supports at $0.22, $0.21, and $0.20 respectively.
Meanwhile, on the other hand, the bulls should push the price above the 9-day and 21-day moving averages as breaking that barrier could cause XLM / USD to reach potential resistance levels at $0.29, $0.30, and $0.31 above the upper boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is currently moving below 40-level, which could keep the coin lower.
XLM/BTC Market: Stellar Price May Fall More
When compares with Bitcoin, the market is seen to be sliding below the 9-day moving average and yet to cross below the 21-day moving average within the channel where the price is hovering at $596. Meanwhile, should the price move towards the lower boundary of the channel, XLM/BTC may likely touch the nearest support level of 570 SAT and below.
However, if the bulls could push the market price above the 9-day moving average to cross above the upper boundary of the channel, Stellar (XLM) may reach the resistance level of 650 SAT and above. Meanwhile, as the technical indicator Relative Strength Index (14) nosedives below 55-level, the market may continue to move to the downside.
