Stellar (XLM/USD) Price Is Breaking Up Resistance Level of $0.20

Updated:

STELLAR Price Analysis – March 23

In case the bulls increase their pressure, price may break up $0.20 level and increase towards the resistance level of $0.25 and $0.30. Should bears defend the resistance level of $0.20, bears’ pressure may increase to breakdown the support level of $0.18 which may decrease the price to the support level at $0.11 and $0.09

XLM/USD Market

Key Levels:

Resistance levels: $0.20, $0.25, $0.30

Support levels: $0.18, $0.11, $0.09

XLM/USD Long-term Trend: Bullish

Stellar is bullish on the daily chart. The coin was on the ranging movement last week, within the resistance levels of $0.20 and $0.18. The price has tested the support level of $0.18 three times. Meaning that, triple bottom chart pattern formed. The bulls are gaining more pressure to break up the resistance level of $0.20. Bulls may dominate the Stellar market soon.

Daily 33

The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. In case the bulls increase their pressure, price may break up $0.20 level and increase towards the resistance level of $0.25 and $0.30. Should bears defend the resistance level of $0.20, bears’ pressure may increase to breakdown the support level of $0.18 which may decrease the price to the support level at $0.11 and $0.09. The relative strength index period 14 is at 59 level displaying a bullish market direction.

XLM/USD Medium-term Trend: Bullish

Stellar is on the bullish movement in the 4-hour chart. The crypto was on the consolidation movement started two weeks ago. The price action formed a triple bottom chart pattern at $0.16 support level.

4hours 32

The two EMAs are bending upside as the price increases. The price is above the 9 periods EMA and 21 periods EMA indicating a bullish market. However, the Relative Strength Index periods 14 is at 64 levels with the signal line pointing down indicating a sell 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.