XLM Price Analysis – April 23
The Stellar bulls are suffering from a slight downtrend playing on the daily chart, after the last few days of upward movement.
Resistance levels: $0.50, $0.52, $0.54
Support levels: $0.40, $0.38, $0.36
At the time of writing, XLM/USD is changing hands above the 9-day moving average at the $0.44 level, the coin is now moving in sync with the broader market gripped by bearish sentiments and panic selling. Stellar is the fifth-largest cryptocurrency with a current market value of $10.20 billion and an average daily trading volume of about $2.48 billion.
What to Expect from Stellar (XLM)
The Stellar price remains at the downside and we await the possible direction of the coin. However, for a positive peak, the $0.50, $0.52, and $0.54 are the main resistance levels for the coin at the moment. Looking at the volume of the chart, we can see the XLM at its lowest and as a result, a negative spike may test significant support at $0.40 and $0.38 before a slippage of $0.36.
Moreover, one can conclude that the Stellar (XLM) is bearish in the short run as the technical indicator RSI (14) is moving above 40-level, which could bring more bearish signals into the market.
XLM/BTC Market: Remains Below the Moving Averages
Against Bitcoin, the pair is about to break into another solid support below the 9-day and 21-day moving averages. The price of Stellar could see another sharp drop at the 800 SAT support level. Breaking this level could further drag the market to the nearest support levels at 700 SAT, 650 SAT, and 600 SAT.
However, XLM is currently changing hands at 889 SAT and if the bulls can push the market price above the moving averages, the next key target price lies at 1000 SAT and 1050 SAT respectively. Reaching these levels might move it to the 1100 SAT level. Meanwhile, the technical indicator RSI (14) is now moving around 50-level, there might be bearish signals if it turns below the mentioned level.