Stellar (XLM/USD) Price: Resistance Level of $0.42 Rejects Further Increase

STELLAR Price Analysis – September 08

In case the bears are able to push the price below the support level of $0.30 and the daily candle closes below it, then, Stellar price may reduce to the previous low of $0.19 levels. If the buyers defend the support level of $0.30, price may continue its bullish trend towards the resistance levels of $0.42, $0.48 and $0.55.

XLM/USD Market

Key Levels:

Resistance levels: $0.42, $0.48, $0.55

Support levels: $0.30, $0.24, $0.19

XLM/USD Long-term Trend: Bullish

Stellar is bullish on the daily chart.  Stellar was being controlled by the bears last two weeks.  The bearish movement was interrupted by the bulls at the $0.35 level. The bulls’ strength increased with the formation of more bullish candles. The price increases towards the resistance level of $0.42. On 07 September, sellers defended the resistance level of $0.42 and increased their momentum with the formation of strong big daily bearish candle which make the price to retest the support level of $0.30.

Stellar breaks down the dynamic support levels. Stellar is trading below the 9 periods EMA and 21 periods EMA, this may be a pullback. In case the bears are able to push the price below the support level of $0.30 and the daily candle closes below it, then, Stellar price may reduce to the previous low of $0.19 levels. If the buyers defend the support level of $0.30, price may continue its bullish trend towards the resistance levels of $0.42, $0.48 and $0.55.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement on the 4-hour chart. The bulls pushed up the price to test the resistance level of $0.42 on 06 September. An evening star candle pattern formed at the mentioned level and the price obeyed this bearish candle pattern. The price decline and break down the $0.35 level. The support level of $0.30 is tested and it is repelling from the level at the moment.

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

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