Stellar (XLM) Price Analysis – March 26
Despite the medium-term retracement, XLM still maintains ninth position behind USDT and trading at $0.1 price level. Following the last 4-hours surge, Stellar market is up by 1.24% as it may increase in a couple of hours. More importantly, the bullish engulfing signal is expected to produce more greens market.
Resistance levels: $0.11, $0.115, $0.12
Support levels: $0.098, $0.09, $0.085
Early this month, Stellar advanced in higher high, higher low from a strong accumulation level at $0.085 low, testing the high of $0.12 before descending in a triangle pattern. The retracement move was quite significant on the 4-hours RSI. After creating a support level at $0.098 on the last 4-hours candle, XLMUSD closed trade above the triangle; signaling a potential buy. In fact, the medium-term Stochastic RSI raised above the 20 line; suggesting a buy confirmation.
With the above signal, Stellar market is likely to witness a green momentum in the coming days as the upward area could secure $0.11, $0.115 and $0.12 resistance levels. On the downward side, a bearish surge may locate supports at $0.098, $0.09 and $0.085 level; testing the accumulation level. Whichever way, XLM bull-run is around the corner.
Against BTC, Stellar formed a falling triangle pattern after a bullish reversal on the 8th of March, which lasted to 2900 SAT. The slope move made a bottom at 2500 SAT support area today before surging above the upper pennant trend line with a 4-hours bullish engulfing candle. The actual picture is revealed on the 4-hours RSI indicator. XLMBTC has now managed to close above the triangle trend; a bullish signal, as 2700 SAT and 29 SAT resistances are key target levels for buyers.
Stellar, as a hedge, could resume a bearish move if the price falls back into the trend lines. In case such a scenario occurs, a massive drop would send the token to a low value of 2300 SAT support near the monthly low at 2200 SAT. However, the 4-hours Stochastic RSI is ready for a bull-run. For now, XLM has validated a bullish rally.
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