Stellar Price Analysis – May 17
The daily chart shows that the upward direction of Stellar (XLM) is revealing as the bull gains momentum within the market.
Resistance levels: $0.18, $0.20, $0.22
Support levels: $0.10, $0.08, $0.06
XLM/USD is likely to create an uptrend as the market volume size is increasing gradually. Looking at the daily chart, a positive push is likely to shoot the price towards the upper boundary of the channel, where the $0.16 resistance level lies. However, the Stellar price may continue in the channel pattern until a price break above the channel is experienced.
Stellar Price Analysis: Stellar (XLM) Ready to Break to the Upside
As the Stellar price moves to the north, any bearish movement below the 9-day moving average may bring the market price near the lower boundary of the channel, and crossing below this barrier could touch the critical support levels of $0.10, $0.08, and $0.06.
However, considering a continuous upward trend for this coin, XLM/USD could surge above the upper boundary of the channel to hit the resistance levels of $0.18, $0.20, and $0.22 on a long-term bullish. Meanwhile, the technical indicator Relative Strength Index (14) is looking bullish at the moment as the signal line moves to cross above the 40-level.
XLM/BTC Market: Price May Continue to Range-bound
Compared with Bitcoin, the pair is moving in the same direction within the channel and currently trading around the 9-day and 21-day moving averages. If the bulls fail to push the price higher, Stellar (XLM) may likely experience a sharp drop towards the lower boundary of the channel, breaking this barrier could drag the market to the critical support at 420 SAT and below.
Meanwhile, the technical indicator Relative Strength Index (14) is seen moving below 50-level. Therefore, the coin may begin the upward movement if the technical indicator Relative Strength Index (14) crosses above 40-level. More so, the daily chart reveals that the recovery is underway, and in no time traders would see Stellar maintaining the upward movement as the resistance level could be located at 500 SAT and above.