XLM/USD (Stellar) Price Approaches a Potential Bullish Reversal Level

XLM/USD (Stellar) Price Approaches a Potential Bullish Reversal Level

STELLAR Price Analysis – June 23

An increase of the bears’ pressure may break down the support level of $0.22, which may leads to further price decrease to the low of $0.16, later it may extend to $0.11 level. In case the bears’ pressure are unable to break down the support level of $0.22, bulls may take over and the price may increase towards the $0.30, $0.42 and $0.50 resistance levels.

Key Levels:

Resistance levels: $0.30, $0.42, $0.50

Support levels: $0.22, $0.16, $0.11

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. The sellers had to double their pressure so that the confluence at the former support level of $0.30 can be penetrated. The support level of $0.30 has been broken downside and the coin testing the support level of $0.22 at the moment. Today, the coin is carrying out a retracement towards the $0.30 resistance level.

XLMUSD Daily chart, June 23

Stellar continues trading below the 9 periods EMA and 21 periods EMA which indicate an increase of bearish momentum. An increase of the bears’ pressure may break down the support level of $0.22, which may leads to further price decrease to the low of $0.16, later it may extend to $0.11 level. In case the bears’ pressure are unable to break down the support level of $0.22, bulls may take over and the price may increase towards the $0.30, $0.42 and $0.50 resistance levels. However, the relative strength index period 14 is bending up at 20 levels to indicate buy signal.

XLM/USD Medium-term Trend: Bullish

XLM is on the bullish movement in the 4-hour chart. Last two weeks, the bears’ momentum and that of the bulls seems to be equal and that is what caused consolidation in the Stellar market. The price reached the support level of $0.22 and the bearish momentum is becoming weak.

XLMUSD 4 hour chart, June 23

The price is crossing over the 9 periods EMA and the 21 periods EMA upside as a sign of bullish movement. The Relative Strength Index period 14 is at 50 levels pointing up to indicate 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.