The Stellar train may have taken a slight break but the bullishness is still in full force after a 37% price increase over the past 30 trading days. The market has risen a further 5.67% over the past week bringing the current trading price up to $0.108.

Where Is Stellar ranked?

Stellar is currently ranked in 8th position as it presently holds a $2.09 billion market cap valuation. The cryptocurrency is quickly closing back in on Binance Coin which currently holds a $2.23 billion market cap valuation.

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

Stellar Price Analysis

XLM/USD

XLM/USD – MEDIUM TERM – DAILY CHART

Stellar Analysis
https://www.tradingview.com/x/TM2U96Fm/

What has happened since our last analysis?

Since our last XLM/USD analysis, we can see that the market had continued to rise into resistance at the short term 1.618 Fibonacci Extension level (drawn in gold) priced at $0.1166. However, Stellar was unable to remain at this high. It failed to break above lower resistance at the bearish .618 Fibonacci Retracement level (drawn in red) priced at $0.1143.

The resistance at $0.1143 is further bolstered by the 100 day moving average hovering slightly above $0.1143.

What is the current short term trend?

The current trend of the market is now bullish. For this market to be considered bearish, we would need to see price action break below the $0.10 level again.

Where are we likely to from here?

The RSI is showing signs that the bulls are losing control of the market momentum. This is understandable considering the recent bullish surge that Stellar has recently witnessed. We can expect the market to head slightly lower before being able to break above the resistance at $0.1143.

If the sellers do begin to cause XLM/USD to head lower, immediate support is located at $0.1072, $0.103 and $0.100. IF the bears continue to drop the market beneath the support at $0.10, we can then expect more support beneath to be located at the $0.09654 and $0.090.

What if the bulls regain control?

Alternatively, if the buyers regroup and immediately push the market above the resistance at $0.1143, we can expect immediate higher resistance to be located at the short term 1.618 Fibonacci Extension level (drawn in gold) priced at $0.1166. Above $0.1166, more resistance then lies at $0.120 and then at the bearish .886 Fibonacci Retracement level (drawn in red) priced at $0.12813. This is then followed with more resistance higher at the $0.1348 level.

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

XLM/BTC Analysis
https://www.tradingview.com/x/iF9PGGEJ/

What has been going on?

XLM/BTC had recently surged into resistance at the bearish .618 Fibonacci Retracement level (drawn in orange) priced at 2892 SATS. The market was unable to hold this level and proceeded to close at lower resistance at the 2800 SATS level.


Price action has since fallen slightly and broken below 2800 SATS but is now trading at support at the 100 day moving average around 2688 SATS.

What is the current trend?

The current trend within the market is bullish. For this trend to be considered bearish we would need to see price action break below the 2487 SATS level.

Where can we go from here?

If the sellers continue to cause XLM/BTC to fall further lower, we can expect immediate support beneath to be located at the short term .382 Fibonacci Retracement level (drawn in green) priced at 2583 SATS. Beneath this, more support is then expected at the .5 and .618 Fibonacci Retracement levels (drawn in green) priced at 2487 SATS and 2391 SATS, respectively.

Alternatively, if the buyers can regroup and begin to push the market higher above the resistance at 2800 SATS, we can expect immediate higher resistance to be located at the bearish .618 Fibonacci Retracement level (drawn in orange) priced at 2892 SATS. Further resistance above this will then be expected at 3000 SATS.


If the bulls can continue to break higher above 3000 SATS, we can expect more resistance above to be located at the bearish .786 Fibonacci Retracement level (drawn in orange) priced at 3114 SATS.

LEAVE A REPLY

Please enter your comment!
Please enter your name here