Key Support Levels: $0.06, $0.05,$0.04
XLM/USD Long-term Trend: Bullish
XLM has ended its bearish run as the bulls defended the support at $0.055. Today, Stellar is in a positive move to revisit the previous highs. On November 10, the bulls attempted to break the $0.080 overhead resistance but were repelled. This is the reason for XLM downward move. The resistance at $0.080 had remained unbroken since September. XLM is trading at $0.058 as at the time of writing. The price will revisit the overhead resistance but may face initial resistance at $0.065.
Daily Chart Indicators Reading:
XLM is in the oversold region of the daily stochastic but the indicator is making a U-turn above the region. This explains that XLM is in a bullish momentum. On the chart, the 1.272 Fibonacci extension level is where the coin will trade and reverse.
XLM/USD Medium-term bias: Bullish
On the 4-hour chart, the bears tested the support at $0.055 twice and pulled back. XLM is in an upward move to reach the previous highs. The price has broken the 21-day SMA and it is approaching the 50-day SMA. A break above the SMAs will make XLM be in the bullish trend zone. The coin is going to face resistance at $0.065 as it approaches the overhead resistance.
4-hour Chart Indicators Reading
The price is approaching the resistance line. Nevertheless, if the bullish move is sustained and the price breaks the resistance line, XLM will continue with the uptrend. However, if the price fails to break the resistance line, the coin will fall.
General Outlook for Stellar
Stellar is making a positive move for the past three days. The coin has a hurdle to jump over at the $0.080 overhead resistance. XLM has no buying power at the upper price level as the bulls are always overwhelmed at the overhead resistance. A break at the $0.080 price level will see the coin resume an uptrend.
Stellar Trade Signal
Instrument: XLM/USD
Order: Buy
Entry price: $0.058
Stop: $0.050
Target: $0.08
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