Stellar Price Analysis – October 6
On the intraday chart, XLM/USD is seen rising with a soaring momentum as the coin is ragging above the moving averages.
Resistance levels: $0.37, $0.39, $0.41
Support levels: $0.27, $0.25, $0.23
XLM/USD is indicating an uptrend in the market, hovering above the 9-day and 21-day moving averages within the channel. In the past few days, we have seen XLM moving at a high speed in the market. However, recently, the market is projecting a volatile movement where Stellar is spotted following an upward movement moderately.
Stellar Price Analysis: XLM Price Ready to go higher
On the daily chart, the red-line of the 9-day is crossing above the green-line of the 21-day moving average to confirm the bullish movement. Therefore, Stellar (XLM) is currently showing an upward trend with a potential surge of volatility. Considering a northward movement, the $0.37, $0.39, and $0.41 could constitute resistance for the market.
Alternatively, a bearish movement below the 9-day and 21-day moving averages could bring the coin to the support levels of $0.27, $0.25, and $0.23, while the technical indicator Relative Strength Index (14) may give positive signals for Stellar as the signal line moves to cross above 60-level.
XLM/BTC Market: Price Keeps Moving to the Downside
Against BTC, the market is seen to be moving below the 9-day and 21-day moving average within the descending channel where the price is expected to break below the lower boundary of the channel. Should the price succeeds, then, it may continue the downtrend which could touch the nearest support level at 530 SAT and below.
However, if the XLM price crosses above the moving averages, the coin could reach the resistance level of 680 SAT and above. On the contrary, the technical indicator Relative Strength Index (14) confirms that the market may continue the downtrend, suggesting more bearish signals in the nearest term.