- Stellar reactivated a mid-term bullish trend following a 17% increase over the last 24-hours trading.
- After breaking out from a monthly resistance, XLM continued to increase and reclaimed last month’s high – $0.0618
- Stellar is now targeting 8-month resistance following a monthly recovery from 600 SAT support level
XLM/USD: Stellar Reactivates Bullish Above Monthly High
Key Resistance Levels: $0.0665, $0.07
Key Support Levels: $0.0618, $0.053
After bouncing back above $0.05 yesterday, Stellar broke the monthly resistance of $0.0529 and then increased further to $0.0665. The 17% gain has brought the current trading price to $0.0628 under 48-hours.
Apart from XLM, some altcoins like Cardano and Tezos have also seen a major break above their monthly high, introducing the bulls back into action.
Bitcoin followed suit with a quick 10% increase to reach $7700 yesterday. BTC is now above its 3-week crucial resistance of $7450, although the price has dropped to $7500 with 6.75% gains
However, Stellar’s price is expected to keep rising as long as buying volume is increasing. If not, a retracement is most likely to play out.
Stellar Price Analysis
As of now, Stellar is trading above March’s resistance-turned-support level of $0.0618 – marked green on the 4-hours chart. If the price increases above the current resistance of 0.0665, the next buying target would be $0.07 on the upside.
After a small pullback, Stellar appeared to have found temporal support around $0.0618 level. If this support fails to establish another increase, XLM might pull further to retest previous break level of $0.053 support – right in the grey area.
A bearish reversal is likely to occur if the price breaks down the yellow ascending trend line.
XLM/BTC: Stellar Eyeing Eight-Month Resistance Again
Key Resistance Levels: 900 SAT, 951 SAT, 1036 SAT
Key Support Levels: 750 SAT, 685 SAT, 600 SAT
Against Bitcoin, Stellar has increased by 12% over the last two days. The current price increase was followed by a five-day recovery from 685 SAT, which is now serving as weekly support for the market.
The price is currently facing significant resistance at 900 SAT – marked orange on the daily chart. It appeared that XLM bulls are becoming weak as they approach this resistance, which has suppressed bullish actions since July 2019. Stellar’s current momentum is likely to come to an end if it continues to hold strong.
But if the bulls succeed this time, XLM is expected to start a long-term bullish above 1000 SAT level. As of now, the price is still trading around 831 SAT level.
Stellar Price Analysis
Even if XLM manages to surpass the mid-term resistance at 900 SAT, the next resistance to keep in mind is 951 SAT. A decent bullish rally should be expected once the price climbs above the green line of 1036 SAT.
On the other hand, a rejection at this critical resistance could lead to selling action. The closest support to watch out for is 750 SAT.
If XLM fails to rebound at this support, the price may slip back to the weekly support of 685 SAT. Below this support lies 600 SAT (monthly low).
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Cryptocurrency charts by TradingView.