Stellar Price Analysis – March 14
The Stellar price has been experiencing downtrends as the coin faces heightened selling pressure at the time of writing.
XLM/USD Market
Key Levels:
Resistance levels: $0.22, $0.24, $0.26
Support levels: $0.14, $0.12, $0.10
At the time of writing, XLM/USD is trading at 0.29% at its current price of $0.17. Yesterday, Stellar (XLM) marked a notable decline from its recent highs of nearly $0.19 that was set when it crossed below the 9-day and 21-day moving averages. The cryptocurrency has been flashing signs of similar weakness while trying to recover the previous losses.
Stellar Price Analysis: Stellar (XLM) May Reclaim $0.18 Level
Looking at the daily chart, the Stellar price needs to return above the 9-day and 21-day moving averages to improve the short-term technical picture and resume the recovery. The next resistance may be created by the intraday high of $0.19 and psychological $0.20. Above these levels, XLM/USD bulls could push the market price above the upper boundary of the channel to hit the potential resistance levels at $0.22, $0.24, and $0.26.
However, if the market moves toward the lower boundary of the channel, the Stellar price may hit the critical supports at $0.14, $0.12, and $0.10 while the technical indicator Relative Strength Index (14) remains above 40-level, indicating that the market is trading at the lower side.
XLM/BTC Market: Stellar Price Faces Bearish Correction
Compared with Bitcoin, the Stellar (XLM) is trading on the downside and is currently hovering at 457 SAT. If the bulls fail to push the price above the 9-day and 21-day moving averages, XLM/BTC may see a sharp drop towards the lower boundary of the channel. Breaking below this barrier could further drag the market to other support levels at 400 SAT and below.
Moreover, as the technical indicator Relative Strength Index (14) moves to cross below 40-level, the Stellar (XLM) may stay at the downside. Aside from that, any bullish movement above the upper boundary of the channel could see the coin moving closer to the resistance level of 520 SAT and above.
