Stellar (XLM/USD) Price: Can Bears’ Pressure Break down $0.16 Support Level?

Updated:

STELLAR Price Analysis – April 13

In case the bears are able to push the price below the support level of $0.16 and the daily candle closes below it, then, Stellar price may reduce to the support level of $0.11 and may extend to $0.09. When the buyers defend the support level of $0.16, price may commence its bullish trend towards the resistance levels of $0.20, $0.23, and $0.25

XLM/USD Market

Key Levels:

Resistance levels: $0.20, $0.23, $0.25

Support levels: $0.16, $0.11, $0.09

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 $0.23. The bears took over the market with the formation of big daily bearish candle which engulfs the previous candles. The price declines and broke down the support levels of $0.20. It is moving down towards the support level of $0.16. Increase in the bears’ pressure may break down the support level at $0.16.

Daily 21

Stellar has broken down the dynamic support levels. Stellar is trading below the 9 periods EMA and 21 periods EMA at a distance. In case the bears are able to push the price below the support level of $0.16 and the daily candle closes below it, then, Stellar price may reduce to the support level of $0.11 and may extend to $0.09. When the buyers defend the support level of $0.16, price may commence its bullish trend towards the resistance levels of $0.20, $0.23, and $0.25.

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 at the resistance level of $0.23. On April 10, the bears prevail over the bulls to break down the support level of $0.20. The price is heading towards the support level of $0.16.

4 hours 10

Stellar is currently trading below 9 periods EMA and 21 periods EMA as a sign of bearish market. The Relative Strength Index periods 14 is at 41 levels and the signal line pointing up to indicate a buy signal which may be a pullback.

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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.