Stellar Price Is Awaiting a Breakout

Stellar Price Is Awaiting a Breakout

STELLAR Price Analysis – March 03

The breakout of the price at the lower trend line of the triangle will push down the price to $0.33 and $0.22 price level. In case the breakout take place at the upper trend line of the triangle, the price will be targeting the resistance level at $0.50 and $0.57.

XLM/USD Market
Key Levels:

Resistance levels: $0.42, $0.50, $0.57

Support levels: $0.33, $0.22, $0.16

XLM/USD Long-term Trend: Ranging

Stellar is on the ranging mode. The crypto was under the pressure of the bulls, started on January 06 after several days of consolidation. This bullish momentum pushed up the price to the resistance level at $0.57 after it breaks up the $0.42 and $0.50 resistance level. The bearish engulfing candle formed at $0.57 level signaled the increase in the bears’ pressure. The support level of $0.33 was tested and the coin commences consolidation at $0.41.

XLMUSD Daily chart, March 03

 

The price action has formed a symmetrical triangle on the daily chart. The two EMAs are interlocked and the price is trading over the 9 periods EMA and 21 periods EMA. The breakout of the price at the lower trend line of the triangle will push down the price to $0.33 and $0.22 price level. In case the breakout take place at the upper trend line of the triangle, the price will be targeting the resistance level at $0.50 and $0.57.

XLM/USD Medium-term Trend: Ranging

XLM is ranging within a symmetrical triangle. The momentum of the bulls becomes low in the medium-term outlook. The bears’ pressure could not push down the price, then the price starts consolidation at $0.42 price level. There is tendency for the price to break out at the lower trend line of the triangle.

XLMUSD 4-hour chart, March 03

The 9 periods EMA is interlocked with the 21 periods EMA and the price is trading on the two EMAs which confirms ranging market. The Relative Strength Index period 14 is bending down at 40 levels which connotes sell signal.

 

 

 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.