Stellar (XLM/USD) Price: Until Double Top Is Cleared Bears Are in Control

Azeez Mustapha
1 September 2021 | Updated: 1 September 2021

STELLAR Price Analysis – September 01

Should the bears push the price down to the $0.30 level and penetrate it, price may decline to $0.22 and $0.16 support levels. Inability to break down $0.30 level may return the price towards the resistance levels above current price at $0.42, $0.50 and $0.57.

XLM/USD Market

Key Levels:

Resistance levels: $0.41, $0.50, $0.57

Support levels: $0.30, $0.22, $0.16

XLM/USD Long-term Trend: Bearish

Stellar remains bearish on the daily chart. The coin continue to remain under the control of the bears. The price reached the high of $0.41 on August 16. The bulls’ pressure could not break up the mentioned level. It pulls back to retest the resistance level second time but the bears interrupted the bulls. This is what make the price action forming a short “M” chart pattern, which is a bearish signal. The price is facing the support level at $0.30.

XLMUSD Daily chart, September 01

Stellar is struggling to break down the dynamic support levels. Stellar is trading between the 9 periods EMA and 21 periods EMA as a symbol of bearish movement. Should the bears push the price down to the $0.30 level and penetrate it, price may decline to $0.22 and $0.16 support levels. Inability to break down $0.30 level may return the price towards the resistance levels above current price at $0.42, $0.50 and $0.57.

XLM/USD Medium-term Trend: Ranging

Stellar is on the ranging movement on the 4-hour chart. After the increase of the price to test the resistance level of $0.41, the bulls’ and the bears’ momentum became weak. Stellar price is consolidating within the range of $0.41 and $0.30. A radical fundamental events may be required to increase the volatility of the XLMUSD market.

XLMUSD 4 hour chart, September 01

Stellar is trading around 9 periods EMA and 21 periods EMA as a sign of consolidating market. The Relative Strength Index periods 14 is below 50 levels and the signal line pointing up to indicate a buy signal.

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Azeez Mustapha

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.