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Stellar Trading: XLM Is Set For A Bull-Run, Breakout May Occur Soon

Stellar (XLM) Price Analysis – May 28

For the past two weeks, Stellar’s price has been substantially low due to decreasing trade volume as the market remains subdued with low volatility, projecting the market in a bearish scenario. With the current market signal, XLM market may follow an upward movement.

XLM-USD Market

Key Levels:
Resistance levels: $0.15, $0.16
Support levels: $0.12, $0.11

Earlier this month, Stellar price rose from the low of $0.09 level after a long decline as the market saw a high at $0.16 before dropping to $ 0.12 which has been solid support for the past two weeks. Due to this, XLM trading has been subjected in a range-bound, following a channel pattern. The 10-day MA and the 21-day MA has been playing along with the market wave.

XLMUSD, 4H Chart – May 28

Respecting the channel pattern, the market is likely to fall to the $0.12 support. If price breaks low, the sellers may further find support at the $0.11 and beyond. Above the channel, the buyers may walk to the $0.15 and $0.16 resistances. Currently, the RSI lies at the 55 level which shows some positive move for the market.

XLM-BTC Market

Against Bitcoin trading, Stellar is selling as the bearish scenario meets support at the 1500SAT, where the market is most likely to reverse up. The potential rise is signaled by the fast 10-day MA (white), which is about to cross up the 21-day MA (yellow). More so, the green ascending trend line is positioned as diagonal support for the market. The trend might resume the bullish move.

XLMBTC, 4H Chart – May 28

On the RSI indicator, XLM appeared to be rising. If the 50 level is significantly breached, the bulls may target quick resistance at the 1700SAT and the 1900SAT levels. However, a decline might further drop the token’s price to 1400SAT and 1300 SAT, retesting the monthly low. As of the time of writing, the XLM/BTC market remains in a bearish condition with a trading price around the 1555SAT level.

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.