XLM Price Analysis – February 23
Since the last few days of price movement, the bulls have suffered a slight downtrend playing on the daily chart.
Resistance levels: $0.082, $0.085, $0.88
Support levels: $0.062, $0.059, $0.056
XLM/USD is indicating uptrend in the market moving below the moving averages of 9-day and 21-day. The coin has been bitten by the bear and all the expectations of upsurge are ruined. The price is now roaming around the $0.072 level; if the bulls can regroup and buy the market above the $0.075, we can then start to consider a bull-run for the XLM/USD pair.
Meanwhile, a fall back-formation could bring the price to $0.062, $0.059, and $0.056 after breaking below minor support at $0.060. Considering a trend reversal for this pair, Stellar could surge to $0.082, $0.085 and $0.088 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) has already moved above 52-level.
Comparing with Bitcoin, the pair is still trading on the downside and is currently trading at the 733 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 700 SAT support level. Breaking below this level could further drag the market to other support levels at 650 SAT and below.
Moreover, as the RSI (14) is moving in the same direction around 50-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 would see Stellar booking huge profits.
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