Stellar (XLM) has witnessed a 60 % decrease since the November summit. It has been circulated below the descending trend line since then, as it is under it as a resistance.
Xlm price A low low and lower pattern has been formed, which is common in the declining direction, and the structure remains intact.
However, the latest price procedures show that on Tuesday ended in green, with a 6 % increase with the price recovery of a strong support level of about $ 0.23 (determined with a rectangular white style on the graph). At this time, BTC was also a 5 % increase and closed with a rising candle.
This is a good thing for bulls, because it indicates that they have some strength to respond and defend this main level. However, the question is the time they can maintain as long as the encryption market remains.
A quick look at Relative power index (RSI) Reading 36, with the RSI line below the moving average based on the Alwa Conference on the RSI-is a strong mark on the resistance and general landing in the market.
Predicting the stellar prices for today
For today, the XLM price can first re -test the support area from which it bounced yesterday.
This is a common phenomenon in the market: When the price bounces from a place or is divided into a new area, it often returns to that region for some liquidity.
In the current case of the stars, it is expected to return to a $ 0.23 support zone test. If the bulls are able to defend this level, we can see a bounce today. The main factor that must be searched here will be close to the drawn support area.
However, if the bears are able to collapse below the support level – only well if BTC decreases to the lowest level yesterday of about $ 76,000 – we can see an intense battle at the level of support this day and a possible closure below if Bulls surrender.
Also read: Jasmycoin (Jasmy) disrupts the support of less than 12 months-does it exceed more? The main levels of viewing
This main support level is important today, and we want to see that it maintains the XLM price to get an opportunity to continue the upscale recovery to the descending trend line in the coming days.
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