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

STELLAR Price Analysis – January 26

When the price break down the support level of $0.16, by the bears’ increased momentum, the price may decrease to the low of $0.11, which may extend to $0.07 level. In case the bears’ pressure are unable to break down the support level of $0.16, bulls may take over and the price may increase towards the $0.20, $0.24 and $0.30 resistance levels.

Key Levels:

Resistance levels: $0.20, $0.24, $0.30

Support levels: $0.16, $0.11, $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 $0.24 has been tested and slightly pullback. At the moment, it seems the sellers’ momentum is getting weak as the price is consolidating and pulling back with formation of hammers at the $0.16 zone, closer to the dynamic resistance levels.

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 $0.16, by the bears’ increased momentum, the price may decrease to the low of $0.11, which may extend to $0.07 level. In case the bears’ pressure are unable to break down the support level of $0.16, bulls may take over and the price may increase towards the $0.20, $0.24 and $0.30 resistance levels. The relative strength index period 14 is bending up at 20 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. However, the price action seems to bring out a head and shoulder chart pattern which may be a bullish signal.

The price is crossing over the 9 periods EMA and the 21 periods EMA 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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