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A Heavy Sudden Surge Turns Stellar (XLM) In A Downtrend

Stellar (XLM) Price Analysis – June 26

After nearing the $0.14 a few hours ago, Stellar saw a sudden price surge which brought the market down to the current $0.11 before resuming trade above the $0.12. Still, the overall market has gained 2.82% during the last 24-hours. Against the Bitcoin market, Stellar has been significantly declining for a long period. The price will continue to drop if BTC remains positive.

XLM/USD Market

Key Levels:
Resistance levels: $0.135, $0.14
Support levels: $0.115, $0.11

About two hours ago, Stellar attempted to surge below the wedge pattern, but it appeared the price was rejected back within the wedge boundary. The market, however, is trading around $0.212 at the moment. The sudden surge was due to strong selling pressure in the market. If the bearish pressure furthers, the $0.115 and $0.11 support may be visited.

XLMUSD-4H-Chart-June-26

Looking at the 4-hours RSI, the XLM market has crossed down the 50 level. A further move might place the token at the oversold region. A rebound, however, is likely to walk the bulls back to the $0.135 and $0.14 resistance levels. As confirmed on the Stochastic RSI, Stellar is testing the 50 level – breaking low might position the market on a decline.

XLM/BTC Market

XLM/BTC pair has been consistently projecting a bearish scenario over the past few weeks as the market now trades around 975SAT. The bears have continued to pull the market lower, near another key support at 900SAT and 850SAT levels. In fact, the 4-hours RSI has been significantly trending at the lowest zone since June 15, reflecting the bearish control in the market.

XLMBTC-4H-Chart-June-26

But the market has risen a little after Bitcoin sharp decline a few hours ago. If BTC resumes the upward movement, this market is more likely to witness more bleeding. Before we can see an upward move, Bitcoin must continue to drop. By then, we can expect the Stellar price to touch 1000SAT and above. However, the 4-hours Stochastic RSI has begun to show a positive move.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.