STELLAR Price Analysis – November 11
The breakup of $0.42 resistance level by the bulls may increase the price to the resistance level at $0.48 which may extend to $0.55 resistance level.
XLM/USD Market
Key Levels:
Resistance levels: $0.42, $0.48, $0.55
Support levels: $0.35, $0.30, $0.24
XLM/USD Long-term Trend: Bullish
Stellar is bullish on the daily chart. Stellar crossed the former resistance level of $0.35 on October 13 and the price ranged within the $0.42 and $0.35 for many days due to low bullish and bearish momentum. On November 09, the bulls gained more pressure and the price was increased towards the $0.42 level. This morning, sellers opens the market and the price may pull back before the continuation of bullish movement.
The bulls’ pressure is increasing and the price is increasing accordingly towards north. The price is trading above the 9 periods EMA and 21 periods EMA. The breakup of $0.42 resistance level by the bulls may increase the price to the resistance level at $0.48 which may extend to $0.55 resistance level. Nevertheless the relative strength index period 14 is at 60 level bending down to indicate sell signal which may be a pullback.
XLM/USD Medium-term Trend: Bullish
Stellar is on the bullish movement in the 4-hour chart. The interruption of the bears by the bulls on October 28 put the price on bullish movement. Prior the bulls’ interruption, the price was consolidating for few days after it tested the resistance level of $0.42. It pulled back to retest the support level of $0.35 and experience a fake breakout. The price is increasing towards the resistance level of $0.42 level at the moment. In case the resistance level of $0.42 level holds, the price may pull back and face the support level of $0.35, $0.30 and $0.24.
However, Stellar is trading above the 9 periods EMA and 21 periods EMA and the Relative Strength Index periods 14 is at 70 levels with the signal line pointing down indicating a sell signal.
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