XLM/USD (Stellar) Price Increase Envisaged as Double Bottom Chart Pattern Emerges

XLM/USD (Stellar) Price Increase Envisaged as Double Bottom Chart Pattern Emerges

STELLAR Price Analysis – April 21

Should the bears push down the price below the support level of $0.50, support level of $0.42 may be tested and the price may further decrease towards $0.33. In case the bears are unable to break down the $0.50 level, there may be a breakup of the resistance level of $0.57, Stellar will increase to $0.69 and $0.76 levels.

Key Levels:

Resistance levels: $0.57, $0.69, $0.76

Support levels: $0.50, $0.42, $0.33

XLM/USD Long-term Trend: Bearish

Stellar is bearish on the daily chart. The bullish trend embarked on last week after the breakout that took place two weeks ago, placed the price at the resistance level of $0.69 on April 14. The bullish momentum was unable to break up the level. The bears took over the market with the formation of strong bearish candles, the price dropped to $0.42 price level. It is pulling back at moment.

XLMUSD Daily chart, April 20

Stellar price is trading below the two EMAs at close range. However, 9 periods EMA remains above the 21 periods EMA with the two separate from each other which indicate volatility in the Stellar market. Should the bears push down the price below the support level of $0.50, support level of $0.42 may be tested and the price may further decrease towards $0.33. In case the bears are unable to break down the $0.50 level, there may be a breakup of the resistance level of $0.57, Stellar will increase to $0.69 and $0.76 levels. The relative strength index period 14 is exhibiting sell signal at 50 levels with the signal line bending down.

XLM/USD Medium-term Trend: Bearish

XLM is on the bearish mode in the 4-hour chart. There was no further increase in the bulls’ pressure when the resistance level at $0.69 is reached. The price was rejected at the mentioned level and turned back. It decreases and penetrate $0.57 and $0.50 downside. It seems the bearish pressure is failing.

XLMUSD 4-hour chart, April 21

The price is penetrating the 9 periods EMA and 21 periods EMA upside with the two EMAs coming together to indicate bullish momentum. The Relative Strength Index period 14 is at 50 levels and the signal line is exhibiting 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.