When the bulls push up the price to break up the confluence at $0.50 level, the price may increase to $0.57 level which may extend to $0.67 and $0.76 price level. Below the current price level are found $0.42 and $0.33 support levels.
Key Levels:
Resistance levels: $0.57, $0.67, $0.76
Support levels: $0.50, $0.42, $0.33
XLM/USD Long-term Trend: Bullish
Stellar is bullish on the daily chart. The coin was bearish last week, the bearish trend was strong; the former support level of $0.50 and $0.42 was penetrated downside and the low of $0.33 was retested. The bears’ momentum failed and the bulls push up the price. Yesterday, the bulls dominate the XLM market and the price increases to break up the $0.50 price level.
Stellar price is attempting the breakup of the 21 periods EMA and 21 periods EMA in other to establish a bullish trend. When the bulls push up the price to break up the confluence at $0.50 level, the price may increase to $0.57 level which may extend to $0.67 and $0.76 price level. Below the current price level are found $0.42 and $0.33 support levels. The relative strength index period 14 is bending down at 50 levels to indicate sell signal which may be a pullback.
XLM/USD Medium-term Trend: Bullish
XLM is on the bullish mode in the 4-hour chart. The crypto has formed a “W” chart pattern. This is a bullish pattern indicating that bulls are getting ready to dominate Stellar’ market. The resistance level of $0.50 was penetrates yesterday. The price is currently pulling back before it continue bullish trend.
The price penetrated the 9 periods EMA and 21 periods EMA upside with the two EMAs coming together to indicate a bullish momentum. The Relative Strength Index period 14 is at 50 levels bending up to indicate a buy signal.
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