Stellar Price: Formation of Double Bottom Chart Pattern, Bulls May Dominate

Updated:

STELLAR Price Analysis – January 05

In case the bulls increase their momentum, the price may penetrate $0.30 level upside and increase to $0.34, which may extend to $0.41. Should the resistance level of $0.30 holds, the price may decrease to the support level at $0.20 and $0.16 if the $0.24 level permits

XLM/USD Market

Key Levels:

Resistance levels: $0.30, $0.34, $0.41

Support levels: $0.24, $0.20, $0.16

XLM/USD Long-term Trend: Bullish

Stellar is on the bullish movement on the daily chart. The price action on the daily chart is forming a “W” chart pattern. The coin found support at $0.24 on December 13, it consolidates for few days. The bulls gained pressure and push up price to test $0.30 level. The mentioned level holds and it decreased to retest $0.24 support level on 31 December. At the moment, Stellar market is dominated by bulls.

XLMUSD Daily chart, January 05

On the daily chart, sellers are losing momentum at the support level of $0.24. The price is crossing over the 9 periods EMA and 21 periods EMA upside and the former EMA has crossed the later EMA trying to establishing a bullish trend. In case the bulls increase their momentum, the price may penetrate $0.30 level upside and increase to $0.34, which may extend to $0.41. Should the resistance level of $0.30 holds, the price may decrease to the support level at $0.20 and $0.16 if the $0.24 level permits. Meanwhile, the relative strength index period 14 is at 50 levels displaying a bullish signal

XLM/USD Medium-term Trend: Bullish

Stellar is bullish on the 4-hour chart. The formation of double bottom chart pattern at the support level of $0.24 continues. The crypto tested the support level at $0.24 on December 17. The bearish pressure become weaken and the price increases gradually to test the resistance level of $0.30. There is tendency for the price to increase to $0.34.

XLMUSD 4-our chart, January 05

Stellar is trading above 9 periods EMA and 21 periods EMA. Further push by the bulls may bring the coin to the resistance level of $0.34. The Relative Strength Index periods 14 moves above the 50 levels and the signal line pointing up to indicate the buy 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.