Key Resistance levels: $0.09, $0.10, $0.11
Key Support Levels: $0.06, $0.05,$0.04
XLM/USD Long-term Trend: Ranging
On November 22, XLM fell to a low of $0.053 and commenced a sideways move. The downtrend was as a result of an unsuccessful attempt to break the $0.080 overhead resistance by the bulls. Today, XLM is still fluctuating above the support at $0.050. From the price action, if price holds above the current support, the bulls will seek to revisit the resistance at $0.080. Conversely, if the bears break below the current support, XLM will find support at $0.040. Presently, Stellar is fluctuating above the current support as bulls and bears tussle for price possession.
Daily Chart Indicators Reading:
Stellar is currently below the centerline 50 of the daily RSI period 14 level38. This signals that the coin may fall. From the Fibonacci tool, the coin has exhausted its bearish pressure as it is presumed to trade and reverse at the 1.272 extension level.
XLM/USD Medium-term bias: Ranging
On the 4-hour chart, XLM is fluctuating in a tight range between the levels of $0.055 and $0.060. The range-bound move is characterized by small body candlesticks like the Spinning tops and the Doji . These candlesticks are responsible for the indecision between buyers and sellers.
4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating that price is ranging. The stochastic indicator is below the 50% range which indicates that price is in a bearish momentum.
General Outlook for Stellar
Stellar is in a range bound movement between the levels of $0.055 and $0.060. From the Fibonacci tool, Stellar is presumed to have reversed at the 1.272 extension level. This is equivalent to the price of $0.056. From the price action, the market has fallen to that low but the coin is in a range-bound movement. Meanwhile, that support had been holding since September.
Stellar Trade Signal
Entry price: $0.057
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.