Stellar (XLM) Price Analysis (February 22)
• The cryptocurrency is in a bullish trend in the medium-term and ranging in the short-term outlook respectively.
• Patience is required at this period.
XLM/USD Medium-term Trend: Bullish
• Resistance Levels : $0.08, $0.09, $0.010
• Support Levels: $0.04, $0.03 $0.02
The coin is in a bullish trend zone in its medium-term outlook. The bulls lost momentum after an impulsive movement to $0.071 in the resistance area during yesterday's session.
A bearish spinning top hammer at $0.071 opens today’s daily session in the support area within the range.
XLMUSD further drops to $0.069 in the support area. Price revolves around the two EMAs.
The stochastic oscillator signal is pointing down at level 16% in the oversold region an indication of downward momentum in the price of the crypto also the price may encounter a trend reversal in the nearby days in the medium-term perspective.
XLM/USD Short-term Trend: Ranging
The coin is in a range-bound market in its short-term outlook. The drop to $0.069 in the support area pushes the cryptocurrency into a range bound-market during yesterday's session.
The 4-hourly session today opens with a formation of bullish doji candle at $0.07 in the resistance area.
The bears return gradually with an initial decrease to $0.069 in the support area. The bulls stage a return and increase price further to $0.071 in the resistance area within the range.
Price hovers around the two EMAs an indication of the undefined trend in the short- term.
However, the stochastic signal pointing up at around level 45% suggests that the price of Stellar may likely encounter a change in trend in the days ahead in the short-term.
XLMUSD is in consolidation and trading between $0.07 in the resistance area and $0.03 in the support area within the range. A breakout at the upper resistance area or a breakdown at the lower support area may occur hence patience is required to allow this to happen before a position is taken.
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.