XLM/USD (Stellar) Price Experiences Bearish Reversal at $0.78 Level, Targeting $0.50

XLM/USD (Stellar) Price Experiences Bearish Reversal at $0.78 Level, Targeting $0.50

STELLAR Price Analysis – May 19

Should the bears maintain their momentum, the price will break down the support level of $0.57, and the price will reach the low of $0.50, which may extend to $0.42 level. In case the bulls defend the support level of $0.57, bullish movement may commence towards the $0.67, $0.78 and $0.84.

Key Levels:

Resistance levels: $0.67, $0.78, $0.84

Support levels: $0.57, $0.50, $0.42

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. Two days ago, Stellar was under the control of the bulls. The bullish pressure increased the price to the resistance level of $0.78 level. The bears defended the level with the formation of bearish candles, this prevents further price increase. The price decline and penetrate the support level of $0.67 downside. It is currently trying to break down $0.57 level.

XLMUSD Daily chart, May 19

Stellar price is trading below the 9 periods EMA and 21 periods EMA which establish a bearish trend. Should the bears maintain their momentum, the price will break down the support level of $0.57, and the price will reach the low of $0.50, which may extend to $0.42 level. In case the bulls defend the support level of $0.57, bullish movement may commence towards the $0.67, $0.78 and $0.84. The relative strength index period 14 is bending down at 40 levels to indicate sell signal.

XLM/USD Medium-term Trend: Bearish

XLM is on the bearish movement in the 4-hour chart. Stellar is decreasing as the bears’ pressure increases. The price broke down support level at $0.67 and consolidates for two days. Further increase in the bears’ momentum was experienced and the price is declining towards the $0.50 support level.

XLMUSD 4 hour chart, May 19

The price has crossed the 9 periods EMA and the 21 periods EMA downside with the price trading below the two EMAs at distance. The Relative Strength Index period 14 is at 40 levels bending down to indicate sell 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.