XLM/USD (Stellar) Price; Will There Be a Bullish Breakout at $0.42 level?

XLM/USD (Stellar) Price; Will There Be a Bullish Breakout at $0.42 level?

STELLAR Price Analysis – March 24

The bulls’ ability to break up the resistance level of $0.42 will push up the price towards $0.50, and $0.57 may be tested. On the other hand, the breakdown of the support level at $0.33 will push down the price to $0.22 and $0.16 levels. However, the relative strength index period 14 is parallel at 50 levels which connotes ranging market.

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

On the daily chart, Stellar continues on the ranging movement. The bulls are yet to gain more pressure to break up the resistance level at $0.42. The same thing with the bears, their momentum is weak and could not break down the support level at $0.33. It seems their momentum is at equilibrium and that is what make the ranging movement continues in the XLM market.

XLMUSD daily chart, March 24

The price is trading over and around the two EMAs and the 9 periods EMA remains interlocked with the 21 periods EMA which indicate that consolidation continues in the XLM market. XLM is awaiting a radical fundamental events is to breakout the price from the ranging level. The bulls’ ability to break up the resistance level of $0.42 will push up the price towards $0.50, and $0.57 may be tested. On the other hand, the breakdown of the support level at $0.33 will push down the price to $0.22 and $0.16 levels. However, the relative strength index period 14 is parallel at 50 levels which connotes ranging market.

XLM/USD Medium-term Trend: Ranging

XLM is on the ranging movement in the 4-hour chart. The coin continues its trading within the $0.42 and $0.33 price level. The bulls’ pressure remains low and could not push up the price. In the same vein, the bears’ pressure is equally weak and could not push down the price to penetrate $0.33 level. The price is ranging within $0.42 and $0.33price level. The market is awaiting a radical fundamental events to break the coin away from consolidation mode, otherwise, consolidation continues until there is a volatility in the Stellar’s market.

XLMUSD 4 -hour chart, March 24

The price is trading over and around the 9 periods EMA and 21 periods EMA with the two EMAs interlocked to each other. The Relative Strength Index period 14 is at 50 levels and the signal line is not exhibiting specific market direction.

 

 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.