When there is a breakup at the resistance level of $0.25, bullish momentum may drive the price towards $0.30, and $0.35. On the other hand, the breakdown of the support level at $0.18 will decrease the price to $0.14 and $0.10 levels.
XLM/USD Market
Key Levels:
Resistance levels: $0.25, $0.30, $0.35
Support levels: $0.18, $0.14, $0.10
XLM/USD Long-term Trend: Ranging
Stellar continues on the ranging movement. The bulls have not got enough momentum to break up the resistance level of $0.25. Attempt was made by the bulls on February 08 but the bears opposed the bullish movement and the daily candle turned to inverted pin bar. The price decline towards the support level of $0.18. Ranging movement may continue until there is a breakout.
The 9 periods EMA are interlocking with the 21 periods EMA and the price is trading over and around the two EMAs which indicate that sellers and buyers are at war in the XLM market. Bulls or bears need to exert more pressure for break out to occur. When there is a breakup at the resistance level of $0.25, bullish momentum may drive the price towards $0.30, and $0.35. On the other hand, the breakdown of the support level at $0.18 will decrease the price to $0.14 and $0.10 levels. However, the relative strength index period 14 is pointing down at 48 levels which connotes sell signal.
XLM/USD Medium-term Trend: Bullish
XLM is bullish on the 4-hour chart. The buyers’ pressure increased last week and the price increased accordingly from the support level of $0.18 to the resistance level of $0.25. The price pulled back to retest the previous low of $0.18 but the bulls interrupt the movement. It is currently restoring the bullish movement.
The price is trading slightly above the 9 periods EMA and 21 periods EMA with the 9 periods EMA crossing the 21 periods EMA upside. The Relative Strength Index period 14 is at 53 levels and the signal line is displaying bullish direction.
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