Stellar (XLM/USD) Price Tests Resistance Level of $0.23 and Pulls Back

Updated:

STELLAR Price Analysis – April 06

When the bears increase their pressure, price may break down $0.20 level and increase towards the support level of $0.18 and $0.11. In case bulls break up the resistance level of $0.23, bulls’ pressure may increase to break up the resistance level of $0.25 which may increase the price to the resistance level at $0.30

XLM/USD Market

Key Levels:

Resistance levels: $0.23, $0.25, $0.30

Support levels: $0.20, $0.18, $0.11

XLM/USD Long-term Trend: Bullish

Stellar is bullish on the daily chart. The coin is still obeying the triple bottom chart pattern formed on the daily chart. The bulls prevailed over bears and the price increases. The resistance level of $0.20 was broken upside and the price increase to test the resistance level of $0.23. The just mentioned level opposed the bullish movement and it is currently pulling back towards the support level of $0.20.

Daily 9

At the moment, the price is trading between the 9 periods EMA and 21 periods EMA as a sign of bearish market. When the bears increase their pressure, price may break down $0.20 level and increase towards the support level of $0.18 and $0.11. In case bulls break up the resistance level of $0.23, bulls’ pressure may increase to break up the resistance level of $0.25 which may increase the price to the resistance level at $0.30. The relative strength index period 14 is at 49 level displaying a bearish market direction.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement in the 4-hour chart. The formation of triple bottom chart pattern at $0.16 support level triggers the increase of crypto. The resistance level of $0.23 was tested. The mentioned level holds and the price is pulling back at the moment.

4 hours 6

.The price is trading below the 9 periods EMA and 21 periods EMA indicating a bearish market. However, the Relative Strength Index periods 14 is at 26 levels with the signal line pointing down indicating a sell signal.

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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.