XLM Price Analysis – January 9
The Stellar bulls are suffering from a slight downtrend playing on the daily chart, after the last few days of upward movement.
Resistance levels: $0.038, $0.040, $0.042
Support levels: $0.022, $0.020, $0.018
At the time of writing, XLM/USD is changing hands above the 9-day and 21-day moving averages at the $0.29 level, the coin is now moving in sync with the broader market gripped by bearish sentiments and panic selling. Stellar is the ninth-largest cryptocurrency with a current market value of $6.64 billion and an average daily trading volume of about $2.4 billion.
What to Expect from Stellar (XLM)
The Stellar price remains jerky and we await the possible direction of the coin. However, for a positive peak, the $0.038, $0.040, and $0.042 are the main resistance levels for the coin at the moment. Looking at the volume of the chart, we can see the XLM at its lowest and as a result, a negative spike may test significant support at $0.022 and $0.020 before a slippage of $0.018.
Moreover, one can conclude that the Stellar (XLM) is bearish in the short run as the technical indicator RSI (14) is about dropping from the overbought region, which could bring more bearish signals into the market.
XLM/BTC Market: Remains Above the Moving Averages
Against Bitcoin, the pair is about to break into another solid support below the 9-day and 21-day moving averages. The price of Stellar could see another sharp drop at the 550 SAT support level. Breaking this level could further drag the market to the nearest support levels at 450 SAT, 350 SAT, and 250 SAT.
However, XLM is currently changing hands at 720 SAT and if the bulls can push the market price above the upper boundary of the channel, the next key target price lies at 1000 SAT and 1100 SAT respectively. Reaching these levels might move it to the 1200 SAT level. Meanwhile, the technical indicator RSI (14) is now moving above the 50-level, there might be bearish signals if it turns below the mentioned-level.