Stellar has had a rollercoaster ride in price action over the past few days as price broke above the $0.090 resistance level but then fell back toward $0.085. Price action has seen a 4% price drop over the previous 24 hours, bringing the current price to around $0.08457.

Where Is Stellar ranked?

Stellar remains ranked in 8th position as it currently holds a $1.60 billion market cap valuation. The cryptocurrency had been taken over by Binance Coin but has since managed to reclaim its position.

Stellar Price Analysis

XLM/USD

XLM/USD – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/QyebafDe/

What has happened since our last analysis?

Since our last Stellar price analysis, we can see that the market had continued to trade within the range between $0.0895 and $0.08315. Price action had attempted to break above the upper boundary of this range during yesterdays trading session as it reached a high above $0.09 but the market was unable to break above higher resistance at $0.09267 and proceeded to fall again.

XLM/USD has found support at the short term .618 Fibonacci Retracement level (drawn in green) at $0.08315 and has rebounded higher.

What is the current short term trend?

The current trend of the market is presently neutral. For this market to be considered bullish, we would need to see price action break above the resistance at $0.09673. If XLM/USD was to fall underneath $0.08213 then the market would be rendered as bearish.

Where are we likely to from here?

If the support at the $0.08315 can hold and price action continues to climb higher we can expect immediate resistance above to be located at the upper boundary of the trading range at the $0.08955 level.

If the buyers can continue to break above the upper boundary, higher resistance is then expected at the $0.09267. This is followed with more resistance at the bearish .382 FIbonacci Retracement level (drawn in red) priced at $0.09673.

Above $0.10, more resistance lies at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) at $0.1040 and $0.1114, respectively.



What if the bears regain control?

Alternatively, if price breaks below the range at $0.08315, immediate support beneath to be located at the $0.08213 level. Further support beneath this can then be expected at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.07860 and $0.07589, respectively.



Let us continue to take a look at Stellar against Bitcoin and highlight some areas of support and resistance.

XLM/BTC

XLM/BTC – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/gg3AAkbI/

What has been going on?

Since our last analysis, we can see that XLM/BTC has proceeded to trade within a range between the 2310 SATS and 2193 SATS levels. In yesterday’s trading session, price action had attempted to break above the resistance at the short term .236 Fibonacci Retracement level (drawn in green) priced at 2310 SATS but was unable to overcome this level.

The market had then proceeded to drop but had found support lower at the .618 Fibonacci Retracement level (drawn in green) priced at 2193 SATS.

What is the current trend?

The overall long term trend is most definitely bearish. However, the short term trend is currently neutral. If XLM/BTC was to break above the 2390 SATS handle then the market would be considered bullish in the short term.

Where can we go from here?

IF the buyers can hold the support at the 2193 SATS level and begin to climb higher, we can expect immediate resistance to be located at the 2310 SATS level. IF the bulls continue to climb above this level then higher resistance can then be located at the bearish .236 Fibonacci Retracement level (drawn in orange) priced at 2388 SATS.



Alternatively, if the sellers push the market below the support at 2193 SATS further support below is located at the short term .786 and .886 Fibonacci Retracement level (drawn in green) priced at 2142 SATS and 2111 SATS, respectively.

