Stellar (XLM/USD) Price May Reverse In Case $0.24 Support Level Holds

29 September 2021 | Updated: 29 September 2021

STELLAR Price Analysis – September 29

Stellar price may reduce to the previous low of $0.19 levels and may extend to $0.14 provided the bears are able to push the price below the support level of $0.24 and the daily candle close below it. In case the buyers defend the support level of $0.24, price may commence its bullish trend towards the resistance levels of $0.30, $0.34, and $0.48.

XLM/USD Market

Key Levels:

Resistance levels: $0.30, $0.35, $0.42

Support levels: $0.24, $0.19, $0.14

XLM/USD Long-term Trend: Bearish

On the daily chart, Stellar is bearish.  The bulls pushed the price to each the resistance level of $0.42 on September 06. A big strong bearish daily candle formed and engulfs the previous candle. The price declines and penetrated the support levels of $0.35 and $0.30. More bearish candles emerge and move down towards the support level of $0.24. It decreases further by the bears’ pressure and it is testing the support level at $0.24 at the moment.

XLMUSD Daily chart, September 29

Stellar has penetrated the dynamic support levels downside. Stellar is trading below the 9 periods EMA and 21 periods EMA. Stellar price may reduce to the previous low of $0.19 levels and may extend to $0.14 provided the bears are able to push the price below the support level of $0.24 and the daily candle close below it. In case the buyers defend the support level of $0.24, price may commence its bullish trend towards the resistance levels of $0.30, $0.34, and $0.48.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement in the 4-hour chart. Sellers hold tight to the Stellar market after a sudden price rejection at the resistance level of $0.42. The crypto commenced a ranging movement last two weeks within the resistance level of $0.35 and support level of $0.30. The bears broke down the support level of $0.30 on September 20. The price is testing the support level of $0.24.

XLMUSD 4 hour chart, September 29

As a sign of bearish market, Stellar is trading below 9 periods EMA and 21 periods EMA. However, the Relative Strength Index periods 14 is above 40 levels and the signal line pointing up to indicate a buy signal 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.