Stellar (XLM) Price Analysis (May 10)
• XLMUSD is facing more pressure from the bears.
• The market is falling hard as Stellar slopes below $0.07 leading to a market selloff.
XLM/USD Medium-term Trend: Bullish
• Resistance Levels: $0.083, $0.086, $0.089
• Support Levels: $0.03, $0.02 $0.001
The momentum on the medium-term outlook looks bullish but it is starting to turn bearish as can be seen from the daily chart now.
The formation of the bearish candle with a long wick at $0.071 at the support area as the daily session opens today, affirms the bears return to the market.
XLMUSD further drops to $0.06 with its wick touching the EMA-50 in the support area.
Price is initially down at $0.065 in the support area above the EMA-50 this implies sellers are more present in the market at the moment.
The stochastic signal which is pointing down at around level 56% also indicates the price of the crypto is in a downtrend and may continue to remain in the same direction in the nearby days in the medium-term.
Thus, sellers may put in their aggressive orders at key areas.
XLM/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bears make a progressive movement to the south at $0.071 in the support area with a touch at the two EMAs which are glued together during yesterday's session.
The bearish long-tailed candle formation at $0.071 in the support area as the 4-hourly session begins is an indication of the bears’ brief return shortly after today's opening.
XLMUSD further drops to $0.060 in the support area due to the pressure from the bears.
The bulls’ gradual in road to the market increase the price to $0.065 in the resistance area.
Price is initially down at $0.064 in the support with the formation of a pin bar candle, an indication of a trend reversal.
Price is below the two EMAs this implies the bears are already dictating the market.
The stochastic oscillator signal points up at level 29 % in the oversold region suggests the price of the coin may likely change and in this case, an uptrend in the short-term perspective.
Therefore, buyers may wait for this action to occur and take their position as desired.
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.