Stellar trading: XLM Could Kick-Start a Bull-Run After a Channel Breakout

Stellar trading: XLM Could Kick-Start a Bull-Run After a Channel Breakout
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Stellar (XLM) Price Analysis – April 19

XLMBTC market appeared to be moving in a falling channel for a long period as price flows to a close support level where a bounce is likely to occur. Following a bearish flag formation, XLMUSD pair is positioned in a range bound after plunging; a play out is expected. Meanwhile, both pairs are subdued and undervalue in the past week.

XLM/USD Market

Key Levels:
Resistance levels: $0.125, $0.135
Support levels: $0.105, $0.1

After a bullish correction on March 26, Stellar continued to climb higher; respecting the ascending trend line (blue). While testing the blue line, a bearish surge plummets at $0.11 on April 11 before price movement ranges within a channel.

The price play outs are revealed on the 4-hours MACD as it now rests straight at the zero level; reflecting an indecisive market.

As XLMUSD ranges, a surge in volatility could force price action out of the trend lines. If such a scenario plays out, a long position may meet immediate resistance level at $0.125 and beyond; retesting the April 11 break level.

However, the token could plunge to $0.105 and $0.1 support levels; visiting March 26 correction point. On a medium-term outlook, XLM is following a side-way trend.

XLM/BTC Market

For the past four weeks, Stellar trading had been following a falling channel formation; subjecting the market to a bearish scenario. Over the period of decline, XLMBTC market has been dramatically subdued with low price volatility.

Plunging from 2970 SAT, the token’s price has substantially depreciated to the near of February reversal level at 2100 SAT support.

XLMBTC, 4H Chart – April 19

Since the fall began, the 4-hours MACD has been revealed convincingly below the zero level. Looking at the MACD signal now, XLM appeared on a slow upward move; signaling a possible long move. Crossing above the zero level could fuel a bull-run.

However, there’s a need for a significant surge above 2300 SAT resistance to confirm a positive move.

 

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About AzeezMustaph

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