Stellar Price:  Pressure From Buyers to Break Up $0.30 Level

Azeez Mustapha
28 July 2021 | Updated: 28 July 2021

STELLAR Price Analysis – July 28

When the bulls push the coin above the $0.30 level, then, the resistance levels at $0.42 and $0.50 may be tested. In case the resistance level of $0.30 level holds, ranging movement may commence, however, support levels below $0.22 are $0.16 and $0.11.

XLM/USD Market

Key Levels:

Resistance levels: $0.30, $0.42, $0.50

Support levels: $0.22, $0.16, $0.11

XLM/USD Long-term Trend: Bullish

Buyers are gathering momentum to take over Stellar market. In other words, the coin is bullish on the daily chart. Stellar found support at $0.22 level on June 22, retraced shortly and repeated second touch to $0.22 level on July 22. The bulls gained more pressure with the formation of bullish engulfing candle. The price is increasing towards the resistance level of $0.30. Further price increase envisaged as the price is found above the two EMAs.

XLMUSD daily chart, July 28

On the daily chart, buyers are gradually dominating the Stellar market. The price has cross over the 9 periods EMA and 21 periods EMA upside and the former EMA is crossing the later EMA to confirm a bullish trend. When the bulls push the coin above the $0.30 level, then, the resistance levels at $0.42 and $0.50 may be tested. In case the resistance level of $0.30 level holds, ranging movement may commence, however, support levels below $0.22 are $0.16 and $0.11. The relative strength index period 14 is above 50 levels displaying a bullish signal

XLM/USD Medium-term Trend: Bullish

Stellar’s price is increasing as the bulls’ strength increase. The performance of stellar is exciting the buyers in the medium-term outlook, this may be due to a price rejection at $0.22 couple with persistence pressure from the buyers of Stellar. That is to say that, the price actions are in upward trend after it breaks up the dynamic resistance level.

XLMUSD 4 hour chart, July 28

The negative spike is rejected at the important support of $0.22. Further push by the bulls may bring the coin to the resistance level of $0.42. The RSI (14) is at the 50 levels and the signal line pointing up to indicate the buy signal.

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Azeez Mustapha

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.