Stellar (XLM/USD) Price: Will There Be Enough Bearish Pressure to Break Down $0.24 Level?  

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STELLAR Price Analysis – December 15

When the bulls defend the support level of $0.24, It may experience a bullish reversal towards the resistance levels of $0.30, $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 double top chart pattern formed on the daily chart triggers a bearish trend. There was an increase in the sellers’ pressure, Stellar price declining and the support level of $0.30 broken downside. It has tested the support level of $0.24 price level. The price is struggling to penetrate the $0.24 level at the moment.

XLM/USD Daily chart, December 15

The price retain its trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. When the bulls defend the support level of $0.24, It may experience a bullish reversal towards the resistance levels of $0.30, $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 at 40 level bending down to indicate sell signal.

XLM/USD Medium-term Trend: Bearish

Stellar is on the bearish movement in the 4-hour chart. The resistance level of $0.4268 rejects the bullish trend after it tested the mentioned level twice. The first touch was on October 17, the price pulled back and retest the support level of $0.30. The bulls push it up to retest the resistance level second time on November 10. Bears gained more momentum and push down the price towards the support level of $0.24. The bearish pressure is increasing and support level of $0.24 may be penetrated downside.

XLM/USD 4-hour chart, December 15

However, Stellar is trading below the 9 periods EMA and 21 periods EMA at close contact indicating an increase in the sellers’ pressure. The Relative Strength Index periods 14 is at 40 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.