Stellar (XLM/USD) Price: Support Level of $0.22 Holds, Bullish Reversal Envisaged

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RESULTS

STELLAR Price Analysis – December 22

When the bulls increase their pressure, price may break up $0.30 level and increase towards the resistance level of $0.35 and $0.41. An increase in the sellers’ pressure may breakdown the support level of $0.24 which may decrease the price to the support level at $0.22 and $0.11.

XLM/USD Market

Key Levels:

Resistance levels: $0.30, $0.35, $0.41

Support levels: $0.24, $0.22, $0.11

XLM/USD Long-term Trend: Bearish

Stellar is bearish 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 $0.22. The mentioned level holds and the price consolidates for few days. Today, it seems the bearish pressure is becoming weak and the bulls are dominating the market. Price is increasing to test the dynamic resistance levels.

The price is trading above the 9 periods EMA but below 21 periods EMA as a sign of bullish movement. When the bulls increase their pressure, price may break up $0.30 level and increase towards the resistance level of $0.35 and $0.41. An increase in the sellers’ pressure may breakdown the support level of $0.24 which may decrease the price to the support level at $0.22 and $0.11. The relative strength index period 14 is above 40 level bending up to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

Stellar is on the bullish movement in the 4-hour chart. The coin was on the consolidation movement last week. The movement was closed to the support level of $0.22. Today, the bulls are gaining upper hand over the bears and the price is increasing towards the resistance level of $0.30.

Stellar has crossed the two EMAs upside and it is trading above the 9 periods EMA and 21 periods EMA at distance indicating an increase in the buyers’ pressure. The Relative Strength Index periods 14 is above 60 levels with the signal line pointing up indicating a buy signal.

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