Stellar (XLM/USD) Price: Bullish Trend May Commence at $0.16

Updated:

STELLAR Price Analysis – May 04

When the buyers defend the support level of $0.16, price may commence its bullish trend towards the resistance levels of $0.20, $0.24, and $0.30.In case the bears are able to push the price below the support level of $0.16 and the daily candle closes below it, then, Stellar price may reduce to the deep low of $0.14 levels and may extend to $0.10.

XLM/USD Market

Key Levels:

Resistance levels: $0.20, $0.24, $0.30

Support levels: $0.16, $0.14, $0.10

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart.  The movement of the coin has been within the resistance level of $0.25 and support level of $0.16. This ranging movement commences at the beginning of this year. The price tested the mentioned resistance level two times while the support level has been tested three times. It is currently testing the support level of $0.16 fourth times. Until there is a breakout at $0.16 or $0.20 ranging movement continues.

Stellar has broken down the dynamic support levels. Stellar is trading below the 9 periods EMA and 21 periods EMA. When the buyers defend the support level of $0.16, price may commence its bullish trend towards the resistance levels of $0.20, $0.24, and $0.30.In case the bears are able to push the price below the support level of $0.16 and the daily candle closes below it, then, Stellar price may reduce to the deep low of $0.14 levels and may extend to $0.10.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement in the 4-hour chart. The crypto continues on the ranging movement within the resistance level of $0.23 and support level of $0.16. Last week, the price was declining slowly towards the support level of $0.16.

Stellar is currently trading below 9 periods EMA and 21 periods EMA as a sign of bearish market. The Relative Strength Index periods 14 is at 46 levels and the signal line pointing up to indicate a buy signal which may be a pullback.

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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.