STELLAR Price Analysis – October 27
Stellar price may retest the previous low support level at $0.24 provided it break down the support level of $0.30 level, it may decrease further below $0.24 level. The relative strength index period 14 is below 50 level bending down to indicate sell signal.
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: Bearish
Stellar is bearish on the daily chart. Stellar found support at $0.2446 on September 28. A bullish engulfing candle formed at the level and the price increases. The former resistance level of $0.30 was penetrated and the price increases to $0.35 level. The just mentioned level could not hold the price. It was broken upside and tested resistance level of $0.4268 on October 16. It pulled back and low volatility set in; the price begins a consolidation movement.
The bears are increasing their pressure and the price is breaking down the dynamic resistance levels downside. The price is trading below the 9 periods EMA and 21 periods EMA. Stellar price may retest the previous low support level at $0.24 provided it break down the support level of $0.30 level, it may decrease further below $0.24 level. The relative strength index period 14 is below 50 level bending down to indicate sell signal.
XLM/USD Medium-term Trend: Bearish
Stellar is on the bearish movement in the 4-hour chart. After the breaking up of the former resistance level of $0.35 last two weeks, Bulls increased their pressure and the price increase to test the resistance level of $0.42. It pulled back and commenced ranging movement within $0.42 and $0.35. Today, bears gains more momentum and break down $0.35 heading towards $0.30 level.
Stellar is trading below the 9 periods EMA and 21 periods EMA and the Relative Strength Index periods 14 is at 20 levels with the signal line pointing down indicating a sell signal.
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