XLM/USD (Stellar) Price: Sellers Are Trying to Break Down $0.09 Support Level

Updated:

STELLAR Price Analysis – June 22

When the bears increase their momentum, it may break down the support level of $0.09, which may leads to further price decrease to the $0.07, later it may extend to $0.05 level. In case the bears’ pressure unable to break down the support level of $0.09, ranging movement may continue in the stellar market or 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: Ranging

On the daily chart, Stellar is on the ranging movement. The bears’ momentum has pushed the price to the support level of $0.11. The sellers’ pressure increases and the mentioned level was penetrated but could not be easily continue downtrend. The bears were trying to increase their momentum, so as to break down the $0.09 level but the confluence at $0.09 prevents the bears’ pressure. The price is currently consolidating around $0.11 levels. Meanwhile, the bears are trying to break down the $0.0.09 level.

Stellar is trading below the 9 periods EMA and 21 periods EMA with the two EMAs bending towards south. It indicate an increase in the bears’ momentum. When the bears increase their momentum, it may break down the support level of $0.09, which may leads to further price decrease to the $0.07, later it may extend to $0.05 level. In case the bears’ pressure unable to break down the support level of $0.09, ranging movement may continue in the stellar market or 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 40 levels to indicate sell signal.

XLM/USD Medium-term Trend: Ranging

On the 4-hour chart, XLM is on the ranging movement. The bulls’ momentum is weak and could not push up the price above $0.11. The bears’ momentum was opposed at the support level of $0.09. The price continue to consolidate within the $0.11 and $0.09 price levels.

The price is hovering around the 9 periods EMA and the 21 periods EMA as a sign of ranging movement. However, the Relative Strength Index period 14 is at 40 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.