XLM/USD (Stellar) Price Is Declining Towards Previous Low as Sellers’ Pressure Increases   

Updated:

STELLAR Price Analysis – June 29

In case the bears further increase their momentum, it may break down the support level of $0.09, which may leads to further price decrease to the $0.07, in which it may extend to $0.05 level. In case the bears’ pressure unable to break down the support level of $0.09, the price may increase towards the $0.11, $0.16 and $0.20 resistance levels.

Key Levels:

Resistance levels: $0.11, $0.16, $0.20

Support levels: $0.09, $0.07, $0.05

XLM/USD Long-term Trend: Bearish

On the daily chart, Stellar is on the bearish movement. The Coin remains under the control of the bears. The price pulled back when double bottom chart pattern formed last week, it increases toward the resistance level of $0.16 but it could not reach the mark before bears opposed the movement. The bears’ momentum is currently pushing the price below the former support level of $0.11.

There is an indication of an increase in the bears’ momentum; Stellar is trading below the 9 periods EMA and 21 periods EMA with the two EMAs bending towards south. In case the bears further increase their momentum, it may break down the support level of $0.09, which may leads to further price decrease to the $0.07, in which it may extend to $0.05 level. In case the bears’ pressure unable to break down the support level of $0.09, the price may increase towards the $0.11, $0.16 and $0.20 resistance levels. However, the relative strength index period 14 is bending down at 41 levels to indicate sell signal.

XLM/USD Medium-term Trend: Bearish

On the 4-hour chart, XLM is on the bearish movement. The price was on the ranging movement last two weeks. The bulls’ momentum later increased and the price increased above the level of $0.11. The bears’ momentum opposed the bulls and the price is declining towards the support level of $0.09.

The price is trading below the 9 periods EMA and the 21 periods EMA as a sign of bearish movement. However, the Relative Strength Index period 14 is at 34 levels displaying a bearish direction.

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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.