xlm-price-analysis

Stellar has seen a price surge totalling 16% over the past 24 hours of trading bringing the price up to $0.1109. The cryptocurrency has now enjoyed a 30% price hike over the past 7 trading days.

Where Is Stellar ranked?

The recent price surge has caused Stellar to reclaim its 7th position in the market cap rankings as it currently holds a $2.07 billion market cap valuation.

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

XLM Analysis
https://www.tradingview.com/x/N2vYF36w/

What Has Happened Following Our Last Analysis?

Since our previous Stellar analysis, we can see that price action has surged above the $0.10 level and broke above the previous ascending price channel that the market was trading within.

The market continued to rise until reaching resistance at the bearish .618 Fibonacci Retracement level (drawn in red) at $0.1143. This bearish Fibonacci Retracement level is measured from the November 2018 high to the February 2019 low.

What is the current short term trend?

The current trend of the market is now bullish. For this market to be considered bearish in the short term price action needs to break below $0.10.

Where are we likely to from here?

If the bulls continue to break resistance at $0.1143, higher resistance lies at the 100 day moving average around $11.35. Further resistance above this is at $0.1150.

IF the buyers continue to push XLM/USD above $0.1150, more resistance lies at the bearish .886 Fibonacci Retracement level at $0.1281. Following resistance lies at a previous 1.272 and 1.618 Fibonacci Extension level (drawn in blue) at $0.1350 and $0.1465.

What if the bears regain control?


Alternatively, if the sellers regroup and begin to push the market lower we can expect immediate support below at $0.1039. Support following this lies at the $0.10 level.

If the bears push the market back beneath $0.10, more support lies at $0.9673 and $0.9267.

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/iZwgzYNl/

What has been going on?

XLM/BTC has also surged significantly higher following our previous analysis. The market has stormed above the previous triangle and above resistance at the bearish .382 and .5 Fibonacci Retracement levels (drawn in orange).

We can see that the market has now met resistance at the 2806 SATS level after breaking above the 100 day moving average.

What is the current trend?

The current trend within the market is bullish. If the market breaks below 2500 SATS it will be considered bearish.

Where can we go from here?

If the bullish momentum can continue to press higher and push XLM/BTC above the 2806 SATS resistance, we can expect higher resistance to be located at the bearish .618 Fibonacci Retracement level at 2892. This is followed by resistance at the 3000 SATS level.

If the bulls continue to climb above 3000 SATS we can expect higher resistance lies at 3114 SATS and 3375 SATS.

Alternatively, if the sellers regroup and begin to push the market lower, immediate support lies at 2700 SATS. This is followed with support at the short term .382 and .5 Fibonacci Retracement levels (drawn in green) priced at 2530 SATS and 2444 SATS, respectively.

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