Stellar Price Analysis – February 7
The Stellar price is a volatile coin as keeps moving above the moving averages; the cryptocurrency has always been notable.
Resistance levels: $0.27, $0.29, $0.31
Support levels: $0.19, $0.17, $0.15
The Stellar (XLM) price indicates an uptrend in the market within the descending channel as the price stays above the 9-day and 21-day moving averages. Recently, the market is planning to cross above the upper boundary of the channel. Meanwhile, the XLM market may likely regain its initial bullish momentum if bulls push the price above the channel.
Stellar Price Analysis: Stellar (XLM) Ready for the Upside
On the daily chart, the Stellar price is currently showing an upward trend with a potential surge of volatility. Considering a northward movement, the $0.27, $0.29, and $0.31 could constitute resistance for the market.
On the contrary, a bearish below the moving averages could bring the price down to the supports at $0.19, $0.17, and $0.15, while the technical indicator Relative Strength Index (14) moves to cross above 60-level to confirm the bullish movement within the market.
XLM/BTC Market: Price Remains Intact within the Channel
Against Bitcoin, the pair is following the downtrend, currently trading above the 9-day and 21-day moving averages at 541 SAT. If the bulls failed to push the price towards the upper boundary of the channel, Stellar (XLM) may likely see a sharp drop to 500 SAT support level. Breaking this level could further drag the market to other support level at 482 SAT and below.
However, as the technical indicator Relative Strength Index (14) moves to cross above 50-level to keep the bullish movement. More so, if the 9-day moving average crosses above the 21-day moving average, XLM/BTC may create a new trend and any bullish movement towards the north may hit the resistance level of 584 SAT and above.