XLM/USD (Stellar) Price: Ranging Movement Continues Within $0.20 and $0.16

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STELLAR Price Analysis – February 02

The breakup at the resistance level of $0.20 will drive the price towards $0.24, and $0.30. In the same vein, the breakdown of the support level at $0.16 will decrease the price to $0.11 and $0.07 levels.

XLM/USD Market

Key Levels:

Resistance levels: $0.20, $0.24, $0.30

Support levels: $0.16, $0.11, $0.07

XLM/USD Long-term Trend: Ranging

Stellar continues on the ranging movement. The breakout from the last month ranging movement on the daily chart favored the sellers. When the price decline to the support level of $0.16, the traders are expecting a further decrease but the support level of $0.16 holds. At the moment traders are expecting a breakout to the north or south but the bulls and the bears have not gain enough momentum to drive the market. The ranging movement still continues within the resistance level of $0.20 and support level of $0.16.

The 9 periods EMA remains below the 21 periods EMA and the price is trading over and around the 9 EMAs which indicate that sellers still hold the XLM market.  A radical fundamental events is needed to breakout the price from the ranging mode. The breakup at the resistance level of $0.20 will drive the price towards $0.24, and $0.30. In the same vein, the breakdown of the support level at $0.16 will decrease the price to $0.11 and $0.07 levels. However, the relative strength index period 14 is pointing up at 40 levels which connotes buy signal.

XLM/USD Medium-term Trend: Ranging

XLM is ranging within the $0.20 and $0.16 price level. The buyers’ pressure remains low and could not drive up the price. Likewise, the sellers’ pressure is equally weak and could not push down the price beyond $0.16 level. The price is ranging within $0.20 and $0.16 price level. Radical fundamental events may be needed to break the coin away from consolidation mode, otherwise, consolidation continues until there is a volatility in the Steller’s market.

The price is trading over and around the 9 periods EMA and 21 periods EMA with the two interlocked to each other. The Relative Strength Index period 14 is at 50 levels and the signal line is displaying 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.