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

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.

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.

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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