XLM Price Analysis – June 29
Since the last few days of price movement, the bulls have suffered a slight downtrend playing on the daily chart.
Resistance levels: $0.072, $0.074, $0.076
Support levels: $0.057, $0.055, $0.053
XLMUSD – Daily Chart
XLM/USD is indicating uptrend in the market moving below the 9-day and 21-day moving averages. The coin has been bitten by the bear and all the expectations of upsurge are ruined. The price is now roaming around the $0.065 level; if the bulls can regroup and buy the market above the $0.070, we can then start to consider a bull-run for the XLM/USD pair.
Meanwhile, a fall back-formation could bring the price to $0.057, $0.055, and $0.053 after breaking below minor support at $0.060. Considering a trend reversal for this pair, Stellar could surge to $0.072, $0.074, and $0.076 on a short-term bullish. However, there’s a need for a clear break above the moving averages. As of now, Stellar is yet to validate a strong bullish signal but the RSI (14) is already moving above 40-level.
Comparing with Bitcoin, the pair is still trading on the downside and is currently trading at the 706 SAT. If the bulls couldn’t push the price above the 9-day and 21-day moving averages, the stellar price may likely see a sharp drop at 690 SAT support level. Breaking below this level could further drag the market to other support levels at 670 SAT and below.
XLMBTC – Daily Chart
Moreover, as the RSI (14) is moving in the same direction below 40-level, the market may start moving in sideways. Aside from that, XLM is a result-oriented coin and it has also shown great potential in the past. However, the recovery is on the go and in no time, we could see Stellar booking huge profits.