Stellar Price Is Testing $0.19 Support Level, a Potential Reversal Zone

21 July 2021 | Updated: 21 July 2021

STELLAR Price Analysis – July 21

The price will reach $0.14 and $0.10 provided the support level of $0.19 does not hold. In case the $0.19 holds, the price may increase to the resistance level at $0.30 and $0.35 if the $0.24 level permits.

XLM/USD Market

Key Levels:

Resistance levels: $0.24, $0.30, $0.35

Support levels: $0.19, $0.14, $0.10

XLM/USD Long-term Trend: Bearish

Stellar started a bearish movement on 16 May after several days of bullish movement; this is clearly noticed when the long daily bearish candle emerges that breaks down the support level of $0.35. More bearish candles continue to emerge and the price declines towards the $0.24 price level. The cryptocurrency decreases with the formation of strong daily bearish candles, targeted and tested the $0.19 support level. The mentioned support level prevented further decrease and the price is ranging around $0.19 level.

XLMUSD Daily chart, July 21

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 below the later EMA confirming a bearish trend. The price will reach $0.14 and $0.10 provided the support level of $0.19 does not hold. In case the $0.19 holds, the price may increase to the resistance level at $0.30 and $0.35 if the $0.24 level permits. Meanwhile, the relative strength index period 14 is at 20 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 $0.24 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 $0.19 holds.

XLMUSD 4 hours, July 21

 

The negative spike may be rejected at the important support of $0.19. Further push by the bears may bring the coin to the low support level of $0.14. The RSI (14) moves into 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.