Stellar Price Is Declining Towards $0.22, Pullback Is Inevitable

STELLAR Price Analysis – February 24

The price will reach $0.22 and $0.16 provided the support level of $0.33 does not hold. In case the $0.33 holds, the price may increase to the resistance level at $0.50 and $0.57 if the $0.42 level permits. Meanwhile, the relative strength index period 14 is at 40 levels displaying a bullish signal.

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: Bearish

Stellar started a bullish movement on 06 January after several days of consolidation; this is clearly noticed when the long daily bullish candle emerges that breaks up the resistance level of $0.21. More bullish candles continue to emerge and the price inclines towards the $0.50 price level. The cryptocurrency soared higher with the formation of strong daily bullish candles, targeted and tested the $0.57 resistance level. The mentioned resistance level prevented further increase and the price drops to $0.33 level.

The daily chart has shown that sellers are dominating the market. The price has cross over the 9 periods EMA and 21 periods EMA downside and the former EMA is attempting to cross the later downside to confirm the beginning of a bearish trend. The price will reach $0.22 and $0.16 provided the support level of $0.33 does not hold. In case the $0.33 holds, the price may increase to the resistance level at $0.50 and $0.57 if the $0.42 level permits. Meanwhile, the relative strength index period 14 is at 40 levels displaying a bullish signal

XLM/USD Medium-term Trend: Bearish

Stellar’s performance is becoming low in the medium-term outlook, this may be due to a persistence pressure from the sellers of Stellar. In other words, the price actions are in downward trend after it breaks out at the $0.50 price level. The market is moving lower and this may continue unless there is a strong opposition from the bulls or the support level at $0.33 holds.

The negative spike could test the important support of $0.22. Further push by the bears may bring the coin to the low support level of $0.16. The RSI (14) moves into the 50 levels and the signal line pointing up to indicate the buy signal which may be a pullback