Stellar Analysis

Stellar has increased in price by around 2% over the past 24 hours bringing the price up to $0.08863. The market has now seen an 11% price increase over the past 30 trading days.

The Stellar market has been trapped in a narrow range since late February as the bulls continue the battle to break above $0.09. A break above $0.09 could leave Stellar open to head higher into the $0.10 level.

Where Is Stellar ranked?

Stellar is now ranked in 9th position after the strong surge seen in Binance Coin recently. The cryptocurrency currently holds a $1.67 billion market cap value.

Let us take a look at XLM/USD over the recent period and highlight some potential areas of support and resistance moving forward.

Stellar Price Analysis

XLM/USD

XLM/USD – MEDIUM TERM – DAILY CHART

Stellar Analysis
https://www.tradingview.com/x/pxVz0JrN/

What has happened since our last analysis?

Since our last XLM/USD analysis, we can see that the market has continued to trade within the range between the .382 Fibonacci Retracement level (drawn in green) priced at $0.08955 and the .618 Fibonacci Retracement level priced at $0.08315.

The market continues to trade within the ascending price channel formation highlighted.

What is the current short term trend?

The current trend of the market is presently neutral. For this market to be considered bullish, we would need to see price action break above the resistance at $0.09673. If XLM/USD was to fall underneath $0.08315 then the market would be rendered as bearish.

Where are we likely to from here?

If the buyers can continue to add to the pressure and push XLM/USD above the $0.09 resistance level, we can expect immediate higher resistance at the $0.09267 level. Further resistance above here lies at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.09763. This bearish FIbonacci Retracement level is measured from the high seen in November 2018 to the February 2019 low.

Further resistance above $0.09763 can then be located at the $0.10 level followed by the upper boundary of the price channel.

What if the bears regain control?

Alternatively, if the sellers regroup and begin to push the market lower, immediate support lies at the .5 Fibonacci Retracement level at $0.08635. Support beneath this is expected at the lower boundary of the price channel followed with support at the .618 Fibonacci Retracement level at $0.08315.

If the sellers continue to pressure the market beneath the $0.080 level then further support beneath is located at the $0.07860 and $0.07590 levels.

Let us continue to take a look at Stellar against Bitcoin and highlight some potential areas of support and resistance moving forward.

XLM/BTC

XLM/BTC – MEDIUM TERM – DAILY CHART

Stellar Analysis
https://www.tradingview.com/x/dKOqlGzw/

What has been going on?

XLM/BTC also continues to trade sideways and has established a potential symmetrical triangle pattern. We can see that price action is quickly approaching the apex of the triangle where a breakout is expected.

The market has met resistance at the upper boundary of the triangle in today’s trading session and now is currently trading at the 2230 SATS level.

What is the current trend?

The overall long term trend is most definitely bearish. However, the short term trend is currently neutral. If XLM/BTC was to break above the 2390 SATS level then the market would be considered bullish.

Where can we go from here?

As the market continues to trade within the triangle we can expect XLM/USD to trade sideways until a breakout occurs.

IF the bulls can break above the triangle, immediate resistance lies at the .236 Fibonacci Retracement level priced at 2310 SATS.  Further resistance above this is expected at the 2390 SATS level.

If the buyers manage to push XLM/USD above 2400 SATS, we can then expect higher resistance to be located at the short term 1.272 and 1.618 Fibonacci Extension levels (drawn in blue) priced at 2468 SATS and 2511 SATS.

Alternatively, if the sellers regroup push price lower, immediate support lies at the lower boundary of the triangle. Support beneath the triangle is located at the 2142 SATS and 2111 SATS levels.

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