XLM/USD (Stellar) Price: Bears Prevail Over Bulls at Support Level of $0.11  

Updated:

STELLAR Price Analysis – May 11

When the price break down the support level of $0.11, by the bears increased momentum, the price may decrease to the low of $0.09, which may extend to $0.07 level. In case the bears’ pressure are unable to break down the support level of $0.11, bulls may take over and the price may increase towards the $0.16, $0.20 and $0.23 resistance level

Key Levels:

Resistance levels: $0.16, $0.20, $0.23

Support levels: $0.11, $0.09, $0.07

XLM/USD Long-term Trend: Bearish

On the daily chart, Stellar is bearish. The coin has been obeying the command of sellers for more than three weeks. The support level of $0.16 has been tested and slightly pullback. At the moment, it seems the sellers’ momentum is increasing as the price is breaking down the support level of $0.16 and it is heading towards the $0.11 support level.

Stellar price is trading below the 9 periods EMA and 21 periods EMA which indicate a bearish momentum. When the price break down the support level of $0.11, by the bears increased momentum, the price may decrease to the low of $0.09, which may extend to $0.07 level. In case the bears’ pressure are unable to break down the support level of $0.11, bulls may take over and the price may increase towards the $0.16, $0.20 and $0.23 resistance level. The relative strength index period 14 is bending up at 32 levels to indicate buy signal.

XLM/USD Medium-term Trend: Bearish

XLM is on the bearish movement in the 4-hour chart. The bears’ momentum is increasing steadily and the support level of $0.16 has been penetrated downside. The price is currently targeting the support level of $0.11.

The price is trading below the 9 periods EMA and the 21 periods EMA as a sign of bearish market. The Relative Strength Index period 14 is at 32 levels pointing down to indicate 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.