Stellar Price Analysis – January 29
The Stellar price is currently crossing above the 9-day moving average as the coin prepares for the upward movement.
Resistance levels: $0.25, $0.27, $0.29
Support levels: $0.15, $0.13, $0.11
XLM/USD is currently indicating an uptrend in the market within the descending channel as the price crosses above the 9-day moving average to face the 21-day moving average. Now, the Stellar price is planning an unstable movement where the coin may start moving moderately towards the north. Meanwhile, the Stellar price may regain its initial bullish momentum should in case the bulls push the price above the upper boundary of the channel.
Stellar Price Analysis: Stellar (XLM) Prepares for the Upside
According to the daily chart, the Stellar price is getting ready for an upward movement as the coin stays above the 9-day moving average. Considering a bullish movement, the $0.25, $0.27, and $0.29 levels could constitute resistance for the market. On the other hand, a movement below the 9-day moving average could bring the support down to $0.15, $0.13, and $0.11 levels, while the technical indicator Relative Strength Index (14) gives positive signals for Stellar as the signal line faces the north.
XLM/BTC Market: Price May Face the Upside
Against Bitcoin, the Stellar (XLM) is remains at the downside, currently trading below the 9-day and 21-day moving averages at 531 SAT. However, if the bears bring the coin towards the lower boundary of the channel, Stellar (XLM) may likely see a sharp drop and further bearish movement could force the market to touch the support level of 490 SAT and below.
However, as the technical indicator Relative Strength Index (14) moves to cross above 40-level, the Stellar price may likely begin an upward movement. Therefore, if the 9-day moving average crosses above the 21-day moving average, it is likely for the coin to create a new trend which could hit the resistance level of 570 SAT and above.