Stellar Price: Bullish Trend May Continue After a Pullback at $0.30 Level

Azeez Mustapha

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STELLAR Price Analysis – August 04

Should the bulls increase their momentum, the price will penetrate $0.30 level and increase to $0.42, further increase may push the price to $0.50. In case the $0.30 level holds, the price may decrease to the support level at $0.16 and $0.11 if the $0.22 level permits.

XLM/USD Market

Key Levels:

Resistance levels: $0.30, $0.42, $0.50

Support levels: $0.22, $0.16, $0.11

XLM/USD Long-term Trend: Bullish

Stellar is on the bullish movement on the daily chart. The coin was bearish last two weeks on the daily chart and the price has reduced to the support level at $0.22. The mentioned level rejects the price, the bulls gained more momentum with the formation of bullish engulfing candle on July 22. The price slowly increases towards the resistance level of $0.30. The dynamic resistance level is broken upside.

XLMUSD daily chart, August 04

On the daily chart, sellers lose momentum at the support level of $0.22. The price has cross over the 9 periods EMA and 21 periods EMA upside and the former EMA is crossing the later EMA establishing a bullish trend. Should the bulls increase their momentum, the price will penetrate $0.30 level and increase to $0.42, further increase may push the price to $0.50. In case the $0.30 level holds, the price may decrease to the support level at $0.16 and $0.11 if the $0.22 level permits. Meanwhile, the relative strength index period 14 is at 50 levels displaying a bearish signal

XLM/USD Medium-term Trend: Bearish

Stellar is bearish on the 4-hour chart. The crypto tested the resistance level at $0.30 on August 01. The bullish pressure become weaken and the price is reducing as the bears are gradually increasing their momentum. The price is currently targeting the support level at $0.22. The market is moving lower and this may continue unless there is a strong opposition from the bulls or the support level at $0.22 holds.

XLMUSD 4 hours chart, August 04

Stellar is trading below 9 periods EMA and 21 periods EMA. Further push by the bears may bring the coin to the low support level of $0.22. The Relative Strength Index periods 14 moves into the 40 levels and the signal line pointing down to indicate the 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.

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