XLM/USD (Stellar) Price May Bounce Off $0.11 Resistance Level

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STELLAR Price Analysis – July 20

Should the bulls’ pressure increase to break up the resistance level of $0.11, price may increase towards the $0.13, and $0.16 resistance levels. In case the bears oppose price increase at $0.13, it may turn towards the support levels of $0.09, below it, are $0.07 and $0.05 support levels

Key Levels:

Resistance levels: $0.11, $0.13, $0.16

Support levels: $0.09, $0.07, $0.05

XLM/USD Long-term Trend: Bullish

Stellar is on the bullish movement in the daily chart. The coin has tested the support level of $0.09 twice. The first test was on June 14 and the price increased to test the resistance level of $0.13. The second test was on July 13. Another bullish engulfing candle formed and the price increases. The crypto is heading towards the resistance level of $0.13 at the moment.

Stellar is trading above the 9 periods EMA and 21 periods EMA with the two EMAs trying to cross each other upside. There is an indication of an increase in the bulls’ momentum. When the bulls’ pressure increase to break up the resistance level of $0.11, price may increase towards the $0.13, and $0.16 resistance levels. In case the bears oppose price increase at $0.13, it may turn towards the support levels of $0.09, below it, are $0.07 and $0.05 support levels. However, the relative strength index period 14 is bending down at 40 levels to indicate sell signal.

XLM/USD Medium-term Trend: Bullish

XLM is on the bullish movement on the 4-hour chart. Last week, the bears dominated the Stellar market after the ranging movement on 4-hour chart. The price was on the bearish movement and tested the support level of $0.09. The just mentioned level holds and the price could not decrease further. Bulls’ momentum later increased and the price is increasing towards $0.13 resistance level.

The price is trading above the 9 periods EMA and the 21 periods EMA at close contact as a sign of bullish movement. The Relative Strength Index period 14 is at 65 levels displaying a bullish 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.