STELLAR Price Analysis – March 09
In case the bears are able to push the price below the support level of $0.14 and the daily candle closes below it, then, Stellar price may reduce to the last years’ June low of $0.10 levels and may extend to $0.07. When the buyers defend the support level of $0.14, price may commence its bullish trend towards the resistance levels of $0.18, $0.25, and $0.30.
XLM/USD Market
Key Levels:
Resistance levels: $0.18, $0.25, $0.30
Support levels: $0.14, $0.10, $0.07
XLM/USD Long-term Trend: Bearish
Stellar is bearish on the daily chart. Two weeks ago, the buyers lost momentum at the resistance level of $0.30. The bears took over the market with the formation of doji and daily bearish candle which engulfs the previous candles. The price declines and broke down the support levels of $0.25 and $0.18. It is moving down towards the support level of $0.24. Increase in the bears’ pressure may break down the support level at $0.14.
Stellar has broken down the dynamic support levels. Stellar is trading below the 9 periods EMA and 21 periods EMA at close range. In case the bears are able to push the price below the support level of $0.14 and the daily candle closes below it, then, Stellar price may reduce to the last years’ June low of $0.10 levels and may extend to $0.07. When the buyers defend the support level of $0.14, price may commence its bullish trend towards the resistance levels of $0.18, $0.25, and $0.30.
XLM/USD Medium-term Trend: Bearish
Stellar is on the bearish movement in the 4-hour chart. The crypto was on the ranging movement last week within the resistance level of $0.25 and support level of $0.18. On March 04, the bears prevail over the bulls to breakout at the support level of $0.18. The price is trying to reverse as the bulls are interrupting the price.
Stellar is currently trading above 9 periods EMA and 21 periods EMA as a sign of bullish reversal market. The Relative Strength Index periods 14 is at 57 levels and the signal line pointing up to indicate a buy signal which may be a pullback.
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