XLM/USD (Stellar) Price: Bears’ Pressure May Break Down $0.24 Support Level

STELLAR Price Analysis – January 19

When the bears increase their momentum, it may break down the support level of $0.24, which may leads to further price decrease to the $0.20, later it may extend to $0.16 level. In case the bears’ pressure unable to break down the support level of $0.24, ranging movement may continue in the stellar market or the price may increase towards the $0.30, $0.34 and $0.41 resistance levels.

Key Levels:

Resistance levels: $0.30, $0.34, $0.41

Support levels: $0.24, $0.20, $0.16

XLM/USD Long-term Trend: Bearish

On the daily chart, Stellar is on the ranging movement. The bears’ momentum has pushed the price to the support level of $0.24. The sellers’ pressure was weak and the mentioned level could not be easily penetrated downside. The bears were trying to increase their momentum, so as to break up the mentioned level but the confluence at $0.24 prevents the bears’ pressure. The price is currently consolidating around $0.24 levels. Meanwhile, the bears are trying to break down the $0.24 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 $0.24, which may leads to further price decrease to the $0.20, later it may extend to $0.16 level. In case the bears’ pressure unable to break down the support level of $0.24, ranging movement may continue in the stellar market or the price may increase towards the $0.30, $0.34 and $0.41 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 $0.30. The bears’ momentum was opposed at the support level of $0.24. The price continue to consolidate within the $0.30 and $0.24 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 no specific direction,

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