Stellar (XLM/USD) Price May Penetrate $0.42 Level Upside

STELLAR Price Analysis – November 03

Stellar price may break up the resistance level at $0.42 provided the bulls increase their momentum, It may increase further above $0.48 and resistance level of $0.55 may be reached.

XLM/USD Market

Key Levels:

Resistance levels: $0.42, $0.48, $0.55

Support levels: $0.35, $0.30, $0.24

XLM/USD Long-term Trend: Bullish

Stellar is bullish on the daily chart. Stellar was under the bullish control since three weeks ago after it found support at $0.2446 on September 28. Last week, the price tested the resistance level of $0.42 and pulled back because it was unable to penetrate the level. The support level of $0.30 was retested. On October 28, the bulls resumed to the market and bullish movement is restored. At the moment, the price has crossed the $0.35 level heading towards the resistance level of $0.42.

The bulls are increasing their pressure and the price has broken up the dynamic resistance levels upside. The price is trading above the 9 periods EMA and 21 periods EMA. Stellar price may break up the resistance level at $0.42 provided the bulls increase their momentum, It may increase further above $0.48 and resistance level of $0.55 may be reached. The relative strength index period 14 is at 60 level bending up to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

Stellar is on the bullish movement in the 4-hour chart. The price consolidates for few days after it tested the resistance level of $0.42. It pulled back to retested the support level of $0.35 and had a partial breakout. The bulls interrupted the bears’ movement and the price increased towards the resistance level of $0.42 level at the moment. In case the resistance level of $0.42 level holds, the price may pull back and face the support level of $0.35, $0.30 and $0.24.

Stellar is trading above the 9 periods EMA and 21 periods EMA and the Relative Strength Index periods 14 is above 60 levels with the signal line pointing up indicating a buy signal.

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