Stellar Price Analysis – June 5
The Stellar price is facing an uptrend as the cryptocurrency gets ready for a cross above the channel.
XLM/USD Market
Key Levels:
Resistance levels: $0.18, $0.20, $0.22
Support levels: $0.11, $0.09, $0.07
XLM/USD is currently indicating an uptrend in the market within the channel as the price stays above the 9-day and 21-day moving averages. According to the daily chart, the Stellar price is planning a slight bullish movement above the channel where the coin is spotted facing the upside. However, the Stellar price may continue its initial bullish momentum if bulls push the price above the upper boundary of the channel.
Stellar Price Analysis: Stellar (XLM) Ready to Locate Higher Resistance
According to the daily chart, the Stellar price is showing an uptrend with a potential surge of volatility. Therefore, considering a northward movement, the $0.18, $0.20, and $0.22 levels could constitute resistance for the market. Alternatively, a movement toward the south could bring support down to $0.11, $0.09, and $0.07 levels, while the technical indicator Relative Strength Index (14) is giving more positive signals for Stellar as the signal line moves above the 50-level.
XLM/BTC Market: Consolidating Within the Channel
Against Bitcoin, the Stellar price moves to cross across the upper boundary of the channel. However, the coin is currently trading above the 9-day and 21-day moving averages at 482 SAT. Therefore, if the bears bring the coin below the moving averages, Stellar (XLM) may touch the support level of 450 SAT. More so, breaking this level could drag the market to another support level of 440 SAT and below.
However, the technical indicator Relative Strength Index (14) is likely to cross above 60-level. Meanwhile, the Stellar price may continue the upward movement within the channel if the red line of the 9-day moving average remains above the green line of the 21-day moving average, and it is likely for the Stellar (XLM) to keep the bullish movement. Therefore, crossing above the upper boundary of the channel could hit the resistance level of 530 SAT and above.
