XLM/USD (Stellar) Price May Bounce Up at $0.30 Support Level

9 June 2021 | Updated: 9 June 2021

STELLAR Price Analysis – June 09

The price may break down the support level of $0.30, when the bears increase their momentum, and the price may decrease to the low of $0.22, which may extend to $0.16 level. In case the bears are unable to break down the support level of $0.30, bulls may take over and the price increase towards the $0.42, $0.50 and $0.57.

Key Levels:

Resistance levels: $0.42, $0.50, $0.57

Support levels: $0.30, $0.22, $0.16

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. The buyers increased their momentum last week and pulled back the price from the support level of $0.30 to $0.42 level. The confluence at the resistance level of $0.42 prevents further price increase. On 04 June, a bearish engulfing candle emerges and the bearish movement was restored. The price is steadily decreasing towards the previous low of $0.30.

XLMUSD daily chart, June 09

Stellar price is decreasing, below the 9 periods EMA and 21 periods EMA which connote an increase in bearish momentum. The price may break down the support level of $0.30, when the bears increase their momentum, and the price may decrease to the low of $0.22, which may extend to $0.16 level. In case the bears are unable to break down the support level of $0.30, bulls may take over and the price increase towards the $0.42, $0.50 and $0.57. The relative strength index period 14 is bending down at 30 levels to indicate sell signal.

XLM/USD Medium-term Trend: Bearish

XLM is on the bearish movement in the 4-hour chart. The bears’ momentum over power the bulls’ momentum in the Stellar market when the price could not break up the resistance level of $0.42. The price is decreasing towards the $0.30 level. Price may continue to decrease to $0.22 provided the bears maintain or increase their pressure.

XLMUSD 4 hour chart, June 09

The price has crossed the 9 periods EMA and the 21 periods EMA downside and it is trading below the two EMAs. The Relative Strength Index period 14 is at 30 levels pointing down to indicate sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.