XLM Price Analysis – February 6
XLM/USD is seen rising with a soaring momentum as the coin touches the high of $0.37.
Resistance levels: $0.45, $0.50, $0.55
Support levels: $0.25 $0.20, $0.15
XLM/USD is currently indicating an uptrend in the market, hovering above the 9-day and 21-day moving averages within the ascending channel. Meanwhile, in the past few days, XLM was seen warming up for the uptrend in the market. Looking at the daily chart, the market recently is projecting a volatile movement where Stellar is spotted following a sideways movement moderately.
What to Expect from Stellar (XLM)
A fall back-formation below the 9-day and 21-day moving averages could bring the price to the support levels of $0.25, $0.20, and $0.15 after breaking below the lower boundary of the channel. Moreover, considering a continuous upward trend for this pair, XLM/USD could surge towards the resistance levels of $0.45, $0.50, and $0.55 on a long-term bullish. The technical indicator RSI (14) is looking bullish at the moment as the signal line moves around 60-level.
XLM/BTC Market: Keep Moving Sideways
Against Bitcoin, the pair is seen breaking solid support at the 840 SAT below the 9-day and 21-day moving averages. Stellar price may likely see another sharp drop at the 850 SAT support level if the bulls fail to hold the price. However, if the price breaks below this level, it could further drag the market to the nearest support levels at 600 SAT and below.
Meanwhile, Stellar (XLM) is currently moving around 893 SAT, if the bulls can hold the price and push it up across the moving averages, the next key targets resistance lies at 1200 SAT and above. Meanwhile, the technical indicator RSI (14) is seen moving below 60-level, indicating more bearish signals may ply out within the market.