Stellar (XLM/USD) Price: Bulls Are Gathering Momentum to Dominate Market

Updated:

STELLAR Price Analysis – April 20

When the bulls increase their pressure, price may break up $0.20 level and increase towards the resistance level of $0.24 and $0.30. An increase in the sellers’ pressure may breakdown the support level of $0.16 which may decrease the price to the support level at $0.11 and $0.09.

XLM/USD Market

Key Levels:

Resistance levels: $0.20, $0.24, $0.30

Support levels: $0.16, $0.11, $0.09

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. The bearish momentum that started on April 04 after the formation of chord of wood chart pattern at $0.24 level has decreased the price to the support level of $0.20. The mentioned level is broken downside and the price is consolidating around the level. Today, it seems the bearish pressure is becoming weak and the market is becoming less volatile. Price is increasing to test the $0.20 resistance level.

Daily 32

The price is trading above the 9 periods EMA but below 21 periods EMA as a sign of bullish movement. When the bulls increase their pressure, price may break up $0.20 level and increase towards the resistance level of $0.24 and $0.30. An increase in the sellers’ pressure may breakdown the support level of $0.16 which may decrease the price to the support level at $0.11 and $0.09. The relative strength index period 14 is at 48 level bending up to indicate buy signal.

XLM/USD Medium-term Trend: Ranging

Stellar is on the ranging movement in the 4-hour chart. The coin was on the bearish movement last week. The movement was closed to the support level of $0.20. This week, the bears exerted more pressure to break down the just mentioned level. Today, the bulls’ momentum and the bears’ pressure is low and it is consolidating below $0.20 level.

4 hours 22

Stellar is hovering over the two EMAs and 9 periods EMA and 21 periods EMA are interlocking to each other. The Relative Strength Index periods 14 is at 53 levels with the signal line displaying no specific direction.

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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.