Stellar Price; Will Sellers Prevail Over Buyers?

Stellar Price; Will Sellers Prevail Over Buyers?

STELLAR Price Analysis – March 10

The price may decline to $0.33 and $0.22 provided the bears increase their momentum and the price slide down away form $0.42 level. In case the bulls prevail, the price may increase to the resistance level at $0.50 and $0.57

XLM/USD Market
Key Levels:

Resistance levels: $0.42, $0.50, $0.57

Support levels: $0.41, $0.33, $0.22

XLM/USD Long-term Trend: Ranging

Stellar is on the ranging movement. The price action formed a symmetrical triangle on the daily chart last two weeks. Traders are expecting a breakout to the north or south. The bulls and the bears lose momentum; that is their momentum are at equilibrium and that is what leads to price consolidation at $0.42 price level.

XLMUSD daily chart, March 10

The daily chart has shown that 9 periods EMA is interlocked with 21 periods EMA and the price is trading over and around the two EMAs. In addition, the relative strength index period 14 is parallel to 50 levels which connotes that consolidation is in progress. The price may decline to $0.33 and $0.22 provided the bears increase their momentum and the price slide down away form $0.42 level. In case the bulls prevail, the price may increase to the resistance level at $0.50 and $0.57

 XLM/USD Medium-term Trend: Ranging

XLM is consolidating at the $0.42 price level. The buyers’ pressure is at low level. Likewise, the sellers’ pressure is nothing to write home about. The price is currently consolidating at $0.42 price level. Radical fundamental events may be needed to break the coin away from consolidation mode, otherwise, consolidation continues until there is a volatility in the Stellar’s market.

XLMUSD 4 hour chart, March 10

The negative spike could test the important support of $0.33. Further push by the bears may bring the coin to the low support level of $0.22. The RSI (14) moves into the 50 levels and the signal line is yet to exhibit a specific direction.

 

 

 

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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.