Stellar (XLM/USD) Price Breaks Down $0.35 Level, Bears Are Prevailing

Updated:

Bears’ pressure increases and price decreases

STELLAR Price Analysis – November 17

The breakdown of $0.35 support level by the bears may decrease the price to the support level at $0.35 which may extend to $0.24 support level. In case the bulls interrupt the bearish movement, then, price may face the resistance levels at $0.41, $0.48 and $0.55.

XLM/USD Market

Key Levels:

Resistance levels: $0.41 $0.48, $0.55

Support levels: $0.35, $0.30, $0.24

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. Stellar had a partial breakout at the resistance level of $0.41 last week. The price was increasing towards the resistance level of $0.48 before the bears interrupted the bullish movement. The price changed direction towards the south and it penetrates the support level of $0.35. Further price decrease envisaged.

XLMUSD daily chart, November 17

The bears’ pressure is increasing and the price is decreasing accordingly towards south. The price is trading below the 9 periods EMA and 21 periods EMA. The breakdown of $0.35 support level by the bears may decrease the price to the support level at $0.35 which may extend to $0.24 support level. In case the bulls interrupt the bearish movement, then, price may face the resistance levels at $0.41, $0.48 and $0.55. The relative strength index period 14 is at 40 level bending down to indicate sell signal.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement in the 4-hour chart. The coin was under the bulls control last week on the 4-hour chart. The bulls pushed the price above the resistance level of $0.41 on November 10 but the bears’ pressure over power the bulls; this scenario led to the formation of an inverted pin bar. This is what triggered the bearish movement.  The price breaks down the support level of $0.35 today and it is currently pulling back.

XLMUSD 4-hour chart, November 17

However, Stellar is trading below the 9 periods EMA and 21 periods EMA at close contact indicating sells’ pressure. The Relative Strength Index periods 14 is at 40 levels with the signal line pointing down indicating a sell signal.

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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.