Stellar Price Analysis: After Surging, Stellar (XLM) Faces Rejection at the Important $0.089 Resistance Level

XLM Price Analysis – July 28

The bears are back in control of the market as traders may consider selling with bearish candle reversal pattern as confirmation.

XLM/USD Market

Key Levels:
Resistance levels: $0.100, $0.105, $0.110
Support levels: $0.065, $0.060, $0.055

XLMUSD – Daily Chart

Stellar started the year at $0.11 and has recorded a combination of ups and downs since then. In March, the XLM market price was $0.112. It climbed to $0.133 in April before dropping to $0.089 in May. However, XLM price quickly recovered at that time and jumped to $0.144 in the same May. Since then, the Stellar coin has declined. It dropped to $0.104 in early July and is currently trading at $0.083.

On the daily chart, Stellar is currently showing a trend in the rectangle channel, with a potential surge of volatility. Considering a northward movement, the amounts of $0.100, $0.105 and $0.110 could constitute resistance for the market. Alternatively, a movement towards the south could bring support down to $0.065, $0.060, and $0.055, while the RSI continued to move up within level 40 for Stellar.

XLM/BTC Market

Comparing with Bitcoin, the market price still keeps falling down but currently moves in sideways since July 20. AS at the time of writing, XLM/BTC is trading at level 879SAT and moving below the moving average of 50 days. Looking at the chart, one couldn’t say whether it is bulls or bears controlling the market.

XLMBTC – Daily Chart

Similarly, we can expect a long-term surge in volatility to play out as soon as trading decides in the next direction. From above, the nearest supplies to look out for are 1000SAT and 1100SAT while from below, the 700SAT and 600SAT may provide demands for the market, should the market rolls back. The stochastic RSI is currently moving in the overbought zone.

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About AzeezMustaph

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.