Stellar (XLM/USD) Price Is Targeting Resistance Level of $0.16

Updated:

STELLAR Price Analysis – June 01

Should the daily candle close above the $0.16 resistance level by the bulls’ pressure, then, Stellar price may incline to $0.20 levels and may extend to $0.23. In case the sellers push the price to penetrate the support level of $0.11 downside, price may decline towards the support levels of $0.11, $0.09, and $0.08.

XLM/USD Market

Key Levels:

Resistance levels: $0.16, $0.20, $0.23

Support levels: $0.11, $0.09, $0.08

XLM/USD Long-term Trend: Bullish

Stellar is on the bullish movement on the daily chart.  Last two weeks, there was no significant movement in the Stellar market when the buyers lost momentum and the sellers’ pressure was low. The support level of $0.11 was retested, a bullish engulfing candle formed and the price increases towards the resistance level of $0.16. Further price increase envisaged.

Stellar is trading above the 9 periods EMA and 21 periods EMA at a distance. The former is trying to cross above the later. Should the daily candle close above the $0.16 resistance level by the bulls’ pressure, then, Stellar price may incline to $0.20 levels and may extend to $0.23. In case the sellers push the price to penetrate the support level of $0.11 downside, price may decline towards the support levels of $0.11, $0.09, and $0.08.

XLM/USD Medium-term Trend: Bullish

Stellar is on bullish movement in the 4-hour chart. The price action has formed a double bottom chart pattern in the 4- hour chart. The crypto break out of the consolidation mode and commence a bullish movement. The price is targeting the resistance level of $0.16 at the moment.

Stellar is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish market. The Relative Strength Index periods 14 is at 63 levels and the signal line displaying bearish direction 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.