Stellar’s XLM hits a new yearly high after the 21% daily gain while against Bitcoin is currently trading below the 1000 SAT. In the latest Stellar Lumens news, we take a closer look at the price analysis.
Stellar saw huge growth over the past few days with about a 33% increase since the start of the month. In the meantime, it started to show positive signs after exhausting the bearish level in June at around $0.057 which is now holding the monthly support. After the massive weekly recovery, the price reached $0.099 with about 20% increase today but the test of the upper boundary of the channel, could pullback shortly to June’s high of $0.0864 before resuming the trend.
The bull’s target lies at the $0.1 level so if the asset is able to sustain the pressure above this level with a weekly close, the massive price movement could take place in the upcoming week. Stellar is now trading around $0.093 as more expectations are laying ahead. Looking at the daily bullish candle, there are signs of rejection around the channel’s resistance. If the price drops and fails to fund support, it could dip further to $0.077 again before taking off again.
If Stellar’s price keeps increasing above the psychological level of $0.1, the next move could be the March’s 2019 resistance at $0.0135 followed by $0.15. The price will remain trapped in the ascending channel if a breakout fails. The key resistance levels for the XLM/BTC pair stand at 1046 SAT, 1200 SAT and 1600 SAT. Stellar’s XLM hits new yearly high as the price broke out from the long-term bearish zone after facing more support at 900 SAT since mid-2019. The bullish actions started with a higher high and a higher low pattern from 573 SAT in January where the ascending trend line started to form. If Stellar continues to follow the pattern the current rejection from the 1046 SAT level which could start a major selloff in the upcoming weeks.
The price will hold the grey supply zone of 900 SAT yearly high which was broken today as a critical demand zone and will start a new increase to 1600 SAT. Stellar is now looking bullish on the trading charts and a continuous increase above this level of 1046 SAT could send the 14th largest coin by market cap to 1200 SAT in no time. The key resistance to watch out for is the 1600 SAT if it goes higher.
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