Stellar (XLM/USD) Price Is Repelling From $0.30 Support Level

Updated:

STELLAR Price Analysis – December 01

An increase in the buyer’ pressure may break up the resistance level of $0.35 which may increase the price to the resistance level at $0.42 and $0.48. In case the bears interrupt the bullish movement by defend $0.35, then, price may continue to decrease towards the support levels at $0.30, $0.24 and $0.22.

XLM/USD Market

Key Levels:

Resistance levels: $0.35, $0.42, $0.48

Support levels: $0.30, $0.24, $0.22

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. Stellar remains under the control of the bears. This scenario commenced on November 10 when the bulls pushed the price to test the resistance level of $0.42. The mentioned resistance level was defended by the bears with the formation of strong inside bar candle. The price decline and $0.35 support level was penetrated downside and the support level of $0.30 is tested. At the moment, the price is pulling back.

XLMUSD Daily chart, December 01

The bulls’ pressure may increase and the price may increase accordingly towards north. The price is trading between the 9 periods EMA and 21 periods EMA. An increase in the buyer’ pressure may break up the resistance level of $0.35 which may increase the price to the resistance level at $0.42 and $0.48. In case the bears interrupt the bullish movement by defend $0.35, then, price may continue to decrease towards the support levels at $0.30, $0.24 and $0.22. The relative strength index period 14 is at 50 level bending up to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

Stellar is on the bullish movement in the 4-hour chart. It seems the bearish momentum is getting weak as the price is repelling from the support level of $0.30. The price has tested the support level of $0.30 twice and could not break down the mentioned level. The coin is increasing above the two EMAs.

XLMUSD 4-hour chart, December 01

Stellar is trading above the 9 periods EMA and 21 periods EMA at close contact indicating buyer’ pressure is increasing. The Relative Strength Index periods 14 is at 60 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.