Stellar Price Analysis – May 28
It has been a rough day for Stellar (XLM), as the coin is now facing heightened selling pressure.
Resistance levels: $0.50, $0.55, $0.60
Support levels: $0.30, $0.25, $0.20
At the time of writing, XLM/USD is trading at 13.13 % at its current price of $0.36. Yesterday, Stellar (XLM) marked a notable decline from its recent highs of nearly $0.50 that were set when it surged alongside Bitcoin and the rest of the market. The cryptocurrency has been flashing signs of similar weakness while looking towards its Bitcoin trading pair.
What to Expect from Stellar (XLM)
On the upside, the price should return above $0.40 to improve the short-term technical picture and resume the recovery. The next resistance may be created by the intraday high of $0.43 and psychological $0.45. Above this area, XLM/USD bulls could push the market price above the 9-day moving average to hit the potential resistance levels at $0.50, $0.55, and $0.60.
Nevertheless, if the market continues to move towards the lower boundary of the channel and crosses below this barrier, it may hit the critical supports at $0.30, $0.25, and $0.20 as the technical indicator Relative Strength Index (14) moves below 40-level, indicating that the market is still trading at the lower side.
XLM/BTC Market: Faces Bearish Correction
Comparing with Bitcoin, the pair is trading on the downside and is currently trading at the 1063 SAT. If the bulls fail to push the price above the 9-day and 21-day moving averages, XLM/BTC may likely see a sharp drop below the lower boundary of the channel. Breaking below this barrier could further drag the market to other support levels at 850 SAT and below.
Moreover, as the Relative Strength Index (14) is moving to cross below 40-level, the market may stay at the downside. Aside from that, any bullish movement above the moving averages could see the coin trading moving closer to the resistance level of 1300 SAT and above.