XLM Price Analysis – January 13
As reveals by the daily chart, Stellar (XLM) fails to sustain higher prices after breaking above the moving averages.
Resistance levels: $0.40 $0.45, $0.50
Support levels: $0.20, $0.15, $0.10
Since January 6, XLM/USD has recorded the highest value moving from $0.19 to the high of $0.44 above the 9-day and 21-day moving averages at the time of writing. The on-going trend has retreated below the 9-day MA and the coin may likely touch the 21-day MA if the bulls failed to hold the price.
What is the Next Direction for Stellar?
Looking at the daily chart, XLM/USD is seen trading around the 9-day moving average and a fall back-formation towards the 21-day moving average could bring the price to the support levels of $0.20, $0.15, and $0.10 before crossing below the lower boundary of the channel.
On the other hand, considering a continuous upward trend for this pair, XLM/USD could surge towards the upper boundary of the channel and may likely reach the resistance levels of $0.40, $0.45, and $0.50 on a long-term bullish. The technical indicator RSI (14) is pointing to the upside at the moment as the signal line moves above the 60-level, suggesting additional bullish movements.
XLM/BTC Market: Trading above the Moving Averages
When compares with Bitcoin, XLM is currently changing hands at 844 SAT after touching the 860 SAT, 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 1050 SAT respectively.
However, reaching the above-mentioned levels could move it to the 1100 SAT and above as the technical indicator moves above 55-level. Meanwhile, there might be severe bearish movements if the market price drops and crosses below the 9-day and 21-day moving averages, which could hit the supports at 600 SAT and below.