Stellar (XLM/USD) Price: Further Reduction Envisaged as Sellers’ Pressure Increase

24 November 2021 | Updated: 24 November 2021

STELLAR Price Analysis – November 24

An increase in the sellers’ pressure may breakdown the support level of $0.30 which may decrease the price to the support level at $0.24 and $0.22. In case the bulls interrupt the bearish movement by defend $0.30, then, price may increase towards the resistance levels at $0.35, $0.41 and $0.48.

XLM/USD Market

Key Levels:

Resistance levels: $0.35, $0.41 $0.48

Support levels: $0.30, $0.24, $0.22

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. Stellar followed our last week prediction; the support level of $0.35 was broken downside and it tested the support level of $0.30. It seems the bulls are trying to defend the support level of $0.30 and that is why a long tailed daily candles are formed. There is tendency for further price reduction as long as the bears maintain their pressure.

XLMUSD Daily chart, November 24

The bears’ pressure may increase and the price may decrease accordingly towards south. The price is trading below the 9 periods EMA and 21 periods EMA. An increase in the sellers’ pressure may breakdown the support level of $0.30 which may decrease the price to the support level at $0.24 and $0.22. In case the bulls interrupt the bearish movement by defend $0.30, then, price may increase towards the resistance levels at $0.35, $0.41 and $0.48. 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 retain its position under the bears control last week on the 4-hour chart. The bulls tried to push the price above the resistance level of $0.34 but the bears’ pressure prevails over the bulls. The bearish pressure is increasing and support level of $0.35 is penetrated downside.

XLMUSD 4-hour chart, November 24

However, Stellar is trading below the 9 periods EMA and 21 periods EMA at close contact indicating sellers’ pressure is increasing. The Relative Strength Index periods 14 is at 50 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.