Stellar (XLM/USD) Price Penetrates Significant Resistance Level, Targeting $0.42

Azeez Mustapha
11 August 2021 | Updated: 11 August 2021

STELLAR Price Analysis – August 11

Further increase in price is envisaged and this may reach $0.42 level, if the price penetrate $0.42 level, then, $0.50 and $0.57 level may be reached. Below the current price are $0.30, $0.22 and $0.16 support levels.

XLM/USD Market

Key Levels:

Resistance levels: $0.42, $0.50, $0.57

Support levels: $0.30, $0.22, $0.16

XLM/USD Long-term Trend: Bullish

On the daily chart, Stellar is on the bullish movement. The bullish movement commenced on July 22 at the support level of $0.22. The formation of bullish engulfing candle at the level indicate an increase in the bulls’ pressure and this is what made the coin increases. The dynamic resistance level was broken upside and the price increase above the $0.30 level.

XLMUSD Daily chart, August 11

The confluence at $0.30 level has been penetrated upside. Stellar is trading above the 9 periods EMA and 21 periods EMA as a symbol of bullish movement. Further increase in price is envisaged and this may reach $0.42 level, if the price penetrate $0.42 level, then, $0.50 and $0.57 level may be reached. The relative strength index period 14 is at 70 levels displaying a bullish signal

XLM/USD Medium-term Trend: Bullish

Stellar is bullish on the 4-hour chart. Stellar is obeying the command of the bulls since July 21. The crypto is increasing gradually, it has tested the resistance level at $0.30 and penetrate it upside. The bullish pressure increasing towards the resistance level of $0.42. Stellar may increase further as $0.30 is broken upside. Below the current price are $0.30, $0.22 and $0.16 support levels.

XLMUSD 4 hours chart, August 11

Stellar is trading above 9 periods EMA and 21 periods EMA. The Relative Strength Index periods 14 is above 70 levels and the signal line pointing up to indicate a buy signal.

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Azeez Mustapha

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.