Stellar (XLM/USD) Price: Buyers Oppose Sellers at $0.22 Level

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STELLAR Price Analysis – December 08

In case the bulls gain more pressure to push the price above the resistance level of $0.30, then, price may increase towards the resistance levels at $0.35, and $0.41.An increase in the sellers’ pressure may breakdown the support level of $0.24 which may decrease the price to the support level at $0.22 and $0.11.

XLM/USD Market

Key Levels:

Resistance levels: $0.30, $0.35, $0.41

Support levels: $0.24, $0.22, $0.11

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. There was an increase in the sellers’ pressure, Stellar price broke down the support level of $0.30. It tested the support level of $0.22 price level. The bulls defended the support level of $0.30 and that is why a long tailed daily bearish candle was produced on December 04. The price remains within the resistance level of $0.30 and the support level of $0.22.

XLMUSD Daily chart, December 08

The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. In case the bulls gain more pressure to push the price above the resistance level of $0.30, then, price may increase towards the resistance levels at $0.35, and $0.41.An increase in the sellers’ pressure may breakdown the support level of $0.24 which may decrease the price to the support level at $0.22 and $0.11. The relative strength index period 14 is at 40 level bending up to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

Stellar is on the bullish movement in the 4-hour chart. The coin found support at $0.22 level on December 04. The just mentioned level holds and price could not break it down. Bulls gained more momentum and push up the price towards the resistance level of $0.30. The bullish pressure is increasing and resistance level of $0.30 may be penetrated upside.

XLMUSD 4-hour chart, December 08

However, Stellar is trading above the 9 periods EMA and 21 periods EMA at close contact indicating an increase in the buyers’ pressure. The Relative Strength Index periods 14 is at 50 levels with the signal line pointing up indicating a buy 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.