Stellar (XLM) Price Analysis (February 16)
• The price of Stellar is likely to encounter a price breakout soon.
• Buyers are in the dominance of the market.
XLM/USD Medium-term Trend: Bullish
• Resistance levels : $0.090000, $0.090500, $0.090800
• Support levels: $0.040000, $0.035000 $0.033000
The cryptocurrency is in a bullish trend zone in its medium-term outlook.
The bears sustain pressure at $0.078821 coupled with a doji candle in the support area that opens today’s session.
XLMUSD drops initially to $0.076618 in the support area. The crypto’s price is above the two EMAs trading at $0.076618 price level, which indicates that price is in the bullish trend zone.
Hence, the stochastic oscillator signal pointing down at around level 72% implies the momentum in price of the coin is likely to encounter a change in the medium-term.
XLM/USD Short-term Trend: Bullish
The bullish 4-hour opening candle today $0.078821 at the resistance area sustains the bullish momentum with price up at $0.081543 in the resistance area but closes with a wick indicating exhaustion, hence the drop in price to $0.079034 in the support area by the brief bears' pressure.
XLMUSD further drops to $0.077466 in the support area. Price above the two EMAs which are fanned apart. This suggests strength in the context of the trend and in this case the uptrend.
The stochastic oscillator is in the oversold region with a signal pointing down at 29%, an indication of a likely change in the trend of the crypto in the days ahead in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.