Stellar (XLM) Breaks Support at $0.065 amidst Aggressive Selling


Key Resistance levels: $0.09, $0.10, $0.11
Key Support Levels: $0.06, $0.05,$0.04

XLM/USD Long-term Trend: Bearish
Early in November, the bulls were making impressive moves. Firstly, the bulls broke the downtrend line to resume a bullish movement. The second impressive move was inconclusive as the bulls fail to break the resistance at $0.08.

The price tested the resistance twice but was repelled and  it dropped to the next support level. XLM dropped at the support of $0.065. Presently, it  is consolidating for the next price action. Nevertheless, if the selling pressure continued the market will reach a low of $0.056. An upward move is possible if the bulls defend the $0.056 price level.

XLMUSD-Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index period 14 level 42 is indicating that stellar is fluctuating above the current support. Presently, the price is falling and if it falls and breaks the downtrend line, the bearish trend will resume.

XLM/USD Medium-term bias: Bearish
Stellar had been in a downtrend since May. In September, the price corrected upward but was repelled at the resistance of $0.08. The same scenario was repeated and the market fell again. XLM is now trading at $0.064 as at the time of writing.

XLMUSD-4-Hour Chart

4-hour Chart Indicators Reading
Stellar is now trading above the oversold region above the 20% range of the daily stochastic. This implies that XLM is in a bullish momentum. The price breaks the support line of the channel indicating that the bullish trend has been terminated.

General Outlook for Stellar
Stellar may rise as the $0.065 support level is expected to hold. This is because the coin is in bullish momentum. The 50-day simple moving average is also acting as a support for the coin. However, if these support levels crack, XLM will find support at $0.055.

Stellar Trade Signal
Instrument: XLM/USD
Order: Buy Limit
Entry price: $0.055
Stop: $0.050
Target: $0.08

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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.