PRESS RELEASE: Stellar Price Analysis: XLM/USD Recovers as Price Hovers Around $0.027

PRESS RELEASE: Stellar Price Analysis: XLM/USD Recovers as Price Hovers Around $0.027
January 23, 2021
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XLM Price Analysis – January 22

Since the last few days of price movement, the bulls have suffered a slight downtrend playing on the daily chart.

XLM/USD Market

Key Levels:

Resistance levels: $0.38, $0.40, $0.42

Support levels: $0.14, $0.12, $0.10

XLM/USD is indicating an uptrend in the market moving below the moving averages of 9-day and 21-day. The coin has been bitten by the bear and all the expectations of upsurge are ruined. The price is now roaming around the $0.027 level; if the bulls can regroup and buy the market above the moving averages, we can then start to consider a bull-run for the coin.

What is the Next Direction for Stellar (XLM)?

A fall back-formation could bring the price to $0.14, $0.12, and $0.10 if the coin breaks below the minor support at $0.020. Considering a continuous trend reversal for this pair, Stellar could surge towards the $0.38, $0.40, and $0.42 on a short-term bullish. However, there’s a need for a clear break above the moving averages. As of now, Stellar is yet to validate a strong bullish signal but the RSI (14) has already moved above 52-level.

XLM/BTC Market: Continue to Move Sideways

Comparing with Bitcoin, the pair is still trading at the 9-day and 21-day moving averages and it is currently trading at the 819 SAT. Therefore, if the bulls couldn’t push the price above the channel, the stellar price may likely see a sharp drop below the moving averages. Breaking below this level could further drag the market to other support levels at 500 SAT and below.

XLMBTC – Daily Chart

Moreover, as the RSI (14) moves in the same direction above the 50-level, the market may continue to move in sideways. Aside from that, XLM is a result-oriented coin and it has also shown great potential in the past. However, the recovery is on the go, and in no time, we would see Stellar booking huge profits.

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