Stellar (XLM/USD) Price Reverses as $0.24 Support Level Holds

6 October 2021 | Updated: 6 October 2021

STELLAR Price Analysis – October 06

Stellar price may increase to $0.35 levels and may penetrate the level and extend to $0.48 provided the bulls are able to push the price above the resistance level of $0.42. In case the buyers defend the resistance level of $0.35, price may continue its bearish movement towards the support levels of $0.30, $0.24, and $0.19.

XLM/USD Market

Key Levels:

Resistance levels: $0.35, $0.42, $0.48

Support levels: $0.30, $0.24, $0.19

XLM/USD Long-term Trend: Bullish

Stellar is bullish on the daily chart. The crypto was under the control of the bears two weeks ago. The sellers managed to push down the price to the low of $0.24 support level. The bulls interrupted the bears at the $0.24 support level. The bulls pushed up the price to reach the resistance level of $0.30. The mentioned level was broken upside and the price is targeting the resistance level of $0.35.

XLMUSD Daily chart, October 06

Stellar has penetrated the dynamic support levels upside. Stellar is trading above the 9 periods EMA and 21 periods EMA. Stellar price may increase to $0.35 levels and may penetrate the level and extend to $0.48 provided the bulls are able to push the price above the resistance level of $0.42. In case the buyers defend the resistance level of $0.35, price may continue its bearish movement towards the support levels of $0.30, $0.24, and $0.19.

XLM/USD Medium-term Trend: Bullish

Stellar is on the bullish movement in the 4-hour chart. Sellers’ momentum got exhausted at the support level of $0.24 on September 28. The price action has formed a “w” chart pattern which is an indication that the bulls are ready to take over the market. An increase in the bulls’ pressure may push the price above $0.35 level.

XLMUSD 4 hour chart, October 06

Stellar is trading above the 9 periods EMA and 21 periods EMA. However, the Relative Strength Index periods 14 is at 50 levels and the signal line pointing down to indicate a sell 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.