XLM/USD (Stellar) Price: Bulls are Struggling to Prevail Over Bears

16 June 2021 | Updated: 16 June 2021

STELLAR Price Analysis – June 16

When the price break down the support level of $0.30, by the bears increased momentum, the price may decrease to the low of $0.22, which may extend to $0.16 level. In case the bears’ pressure are unable to break down the support level of $0.30, bulls may take over and the price may increase towards the $0.42, $0.50 and $0.57 resistance level.

Key Levels:

Resistance levels: $0.42, $0.50, $0.57

Support levels: $0.30, $0.22, $0.16

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 $0.30 has been tested and slightly pullback. At the moment, it seems the sellers’ momentum is getting weak as the price is consolidating at the $0.30 zone, closer to the dynamic resistance levels.

XLMUSD Daily chart, June 16

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 $0.30, by the bears increased momentum, the price may decrease to the low of $0.22, which may extend to $0.16 level. In case the bears’ pressure are unable to break down the support level of $0.30, bulls may take over and the price may increase towards the $0.42, $0.50 and $0.57 resistance level. The relative strength index period 14 is bending up at 40 levels to indicate buy signal.

XLM/USD Medium-term Trend: Ranging

XLM is on the ranging movement in the 4-hour chart. The bears’ momentum and that of the bulls seems to be equal and this is what is causing consolidation in the Stellar market. It require a radical fundamental event to increase volatility in the XLM market.

XLMUSD 4 hour chart, June 16

The price is hovering over the 9 periods EMA and the 21 periods EMA as a sign of ranging market. The Relative Strength Index period 14 is at 45 levels pointing up to indicate buy 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.