Stellar (XLM/USD) Price: Support Level of $0.18 Holds, Bullish Reversal Envisaged

STELLAR Price Analysis – March 16

When the bulls increase their pressure, price may break up $0.20 level and increase towards the resistance level of $0.25 and $0.30. An increase in the sellers’ pressure may breakdown the support level of $0.18 which may decrease the price to the support level at $0.11 and $0.09. The relative strength index period 14 is at 45 level displaying no specific market direction.

XLM/USD Market

Key Levels:

Resistance levels: $0.20, $0.25, $0.30

Support levels: $0.18, $0.11, $0.09

XLM/USD Long-term Trend: Ranging

Stellar is ranging on the daily chart. The bearish momentum that started after the formation of double top chart pattern has decreased the price to the support level of $0.18. The mentioned level holds and the price is consolidating within the resistance level of $0.20 and support level of $0.18. At the moment, it seems the bearish pressure is becoming weak and the bulls’ momentum is also weak. Price may continue consolidating until there is a breakout.

The price is over and around the 9 periods EMA and 21 periods EMA as a sign of a ranging market. When the bulls increase their pressure, price may break up $0.20 level and increase towards the resistance level of $0.25 and $0.30. An increase in the sellers’ pressure may breakdown the support level of $0.18 which may decrease the price to the support level at $0.11 and $0.09. The relative strength index period 14 is at 45 level displaying no specific market direction.

XLM/USD Medium-term Trend: Ranging

Stellar is on the ranging movement in the 4-hour chart. The coin was on the consolidation movement last two week. The movement was closed to the support level of $0.20. Last week, the bears gained upper hand over the bulls and the price is decreased towards the support level of $0.18.

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