Stellar (XLM/USD) Price May Experience Bullish Reversal

STELLAR Price Analysis – May 18

In case the bears are able to push the price below the support level of $0.13 and the daily candle closes below it, then, Stellar price may reduce to the previous low of $0.11 levels and may extend to $0.08. When the buyers defend the support level of $0.13, price may commence its bullish trend towards the resistance levels of $0.16, $0.20, and $0.23.

XLM/USD Market

Key Levels:

Resistance levels: $0.16, $0.20, $0.23

Support levels: $0.13, $0.11, $0.08

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 and $0.16. It moved down and tested the support level of $0.11. Increase in the bulls’ pressure is pulling back the price.

Stellar has broken down the dynamic support levels. Stellar is trading below the 9 periods EMA and 21 periods EMA at close contact. In case the bears are able to push the price below the support level of $0.13 and the daily candle closes below it, then, Stellar price may reduce to the previous low of $0.11 levels and may extend to $0.08. When the buyers defend the support level of $0.13, price may commence its bullish trend towards the resistance levels of $0.16, $0.20, and $0.23.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement in the 4-hour chart. The crypto is on the ranging movement at the moment. It declined under the force of the sellers to the support level of $0.11. A pin bar candle pattern formed at the level triggered bullish trend. The price is consolidating within $0.16 and $0.13 levels.

Stellar is currently struggling to cross above 9 periods EMA and 21 periods EMA as a sign of bullish market. The Relative Strength Index periods 14 is at 49 levels and the signal line displaying no specific direction.

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