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Stellar Price Analysis - Bullish Move on the Horizon for XLM
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[Image: stellar-price-analysis-neutral.jpg:resiz...g?1580x888]
Stellar Price Analysis - Bullish Move on the Horizon for XLM

Stellar price: $0.058
Key XLM resistance levels: $0.071, $0.082, $0.0899
Key XLM support levels: $0.0516, $0.05, $0.048

*price at the time of writing

Stellar price long-term trend: Bearish

For the past four months, Stellar Lumens XLM, -2.06% has continued to maintain a downward movement on the daily chart but the market has been subdued with choppy price action for the past 7 days. Meanwhile, the coin is slowly turning bullish against Bitcoin BTC, -1.60%.

XLM, the 10th largest cryptocurrency, is now turning green after showing a lack of interest for the past few days, although the market is yet to see a significant move. Nevertheless, we can consider the $0.071, $0.082 and $0.0899 as the next key resistance levels for the buyers. This may occur if the RSI indicator can rise above the 50 level.

As we can see, the XLM bulls are regrouping on the Stochastic RSI to signal a potential buy. If the price oscillates upward, the bulls may take over the market for a while. 

Should the RSI 50 remain solid along with the $0.06 resistance, bears could push XLM back to $0.0516 and $0.05, the current yearly low. A further drive may bring the price to a new low at $0.048.

[Image: stellar-xlm-daily-price-chart---october-3.png]

Stellar price medium-term trend: Bearish

The XLM market is now moving a sideways following the September 24 massive sell-off to $0.0525. This bearish scenario has caused the market to trade in a tight range for the past 7 days due to the low volatility in the market. The wedge pattern is now reaching a break point on the 4-hour time frame.

Considering a price surge, Stellar Lumens could hit $0.07, $0.078 and $0.085 on the upside. In the opposite direction, a downward move may send the token to the bottom of $0.055 – $0.0525 support area before the bears look for new support around $0.05.

Following the late September drop, we can see that XLM is slowly turning bullish on the RSI indicator to show the recent price recovery. In the same direction, the Stochastic RSI is rising back after producing a bullish cross. For this pattern formation, a downward movement is more likely to play out. 

[Image: stellar-xlm-4h-price-chart---october-3.png]

Stellar price short-term prediction: Bullish

The price of Stellar is shaping inside a rising triangle pattern on the hourly time frame and as we can see, the price action is now shrinking – an indication for a potential surge in volatility. Meanwhile, we can expect a bullish move to emerge from the triangle pattern formation. The $0.062 resistance is an important breakout level for now.

Over the past 24 hours now, the XLM price is hovering near the triangle’s lower boundary. Meanwhile, the RSI indicator is at 50. A drive beneath the mentioned level could roll the market over to the oversold territory. The technical support levels to watch out for lie at $0.056, $0.054 and $0.052.

XLM is currently testing the lower limit on the Stochastic RSI. A bullish continuation may play out as soon as the oscillator turns positive.

[Image: stellar-xlm-hourly-price-chart---october-3.png]

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by Michael Fasogbon

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