STELLAR Price Analysis – March 17
The breakup at the resistance level of $0.42 will drive the price towards $0.50, and $0.57. In the same vein, the breakdown of the support level at $0.33 will decrease the price to $0.22 and $0.16 levels.
XLM/USD Market
Key Levels:
Resistance levels: $0.42, $0.50, $0.57
Support levels: $0.33, $0.22, $0.16
XLM/USD Long-term Trend: Ranging
Stellar continues on the ranging movement. The breakout from the symmetrical triangle on the daily chart has not favored the buyers nor the sellers. 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 $0.42 and support level of $0.33.
The 9 periods EMA remains interlocked with the 21 periods EMA and the price is trading over and around the two EMAs which indicate that consolidation continues in the XLM market. A radical fundamental events is needed to breakout the price from the ranging mode. The breakup at the resistance level of $0.42 will drive the price towards $0.50, and $0.57. In the same vein, the breakdown of the support level at $0.33 will decrease the price to $0.22 and $0.16 levels. However, the relative strength index period 14 is pointing up at 50 levels which connotes buy signal.
XLM/USD Medium-term Trend: Ranging
XLM is ranging within the $0.42 and $0.33 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 $0.33 level. The price is ranging within $0.42 and $0.33price 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 Stellar’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 not displaying specific price direction.
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