XLM/USD (Stellar) Price Is Breaking Up $0.57 Level, It May Test $0.67

XLM/USD (Stellar) Price Is Breaking Up $0.57 Level, It May Test $0.67

STELLAR Price Analysis – May 05

The bulls have pushed up the price to break up the confluence at $0.50 level, the price is increasing to $0.57 level which may extend to $0.67 and $0.76 price level. Failure to break up the $0.57 resistance level, the price may found support at $0.50, $0.42 and $0.33 levels.

Key Levels:

Resistance levels: $0.57, $0.67, $0.76

Support levels: $0.50, $0.42, $0.33

XLM/USD Long-term Trend: Bullish

On the daily chart Stellar is bullish. The crypto maintains its bullish movement on the daily chart. The bullish trend commences on April 26 when the coin found support at $0.42 level and the price could not break down the mentioned level. Price increases to $0.57 after it breaks up the resistance level at $0.50. It pulls back to retest the broken level.

XLMUSD Daily chart, May 05

Stellar price has broken up the 9 periods EMA and 21 periods EMA in other to establish a bullish trend. The bulls have pushed up the price to break up the confluence at $0.50 level, the price is increasing to $0.57 level which may extend to $0.67 and $0.76 price level. Failure to break up the $0.57 resistance level, the price may found support at $0.50, $0.42 and $0.33 levels. The relative strength index period 14 is bending up at 60 levels to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

XLM is on the bullish movement in the 4-hour chart. The crypto is following the direction of the bullish chart pattern formed (a “W” chart pattern). The coin is trying to break up the resistance level of $0.57 at the moment.

XLMUSD 4-hour chart, May 05

The 9 periods EMA is crossing the 21 periods EMA upside with the price trading above two EMAs. The Relative Strength Index period 14 is at 70 levels bending up to indicate a strong buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.