Will There Be a Bullish Breakout at $0.16 Resistance Level?

STELLAR Price Analysis – June 08

In case the sellers push the price to penetrate the support level of $0.11 downside, price may decline towards the support levels of $0.11, $0.09, and $0.08. Should the daily candle close above the $0.16 resistance level by the bulls’ pressure, then, Stellar price may incline to $0.20 levels and may extend to $0.23.

XLM/USD Market

Key Levels:

Resistance levels: $0.16, $0.20, $0.23

Support levels: $0.11, $0.09, $0.08

XLM/USD Long-term Trend: Ranging

Stellar is on the ranging movement on the daily chart.  The crypto was not able to make a tangible movement last week. It seems the bulls’ momentum is weak and the Bears’ pressure is low. This is what brought about low volatility in the market. The resistance level of $0.16 holds and the support level of $0.11 oppose the sellers. The price is consolidating within $0.16 and the support level of $0.11.

Stellar is trading between the 9 periods EMA and 21 periods EMA. The former is above the later. In case the sellers push the price to penetrate the support level of $0.11 downside, price may decline towards the support levels of $0.11, $0.09, and $0.08. Should the daily candle close above the $0.16 resistance level by the bulls’ pressure, then, Stellar price may incline to $0.20 levels and may extend to $0.23.

XLM/USD Medium-term Trend: Ranging

Stellar is on the ranging movement in the 4-hour chart. The pin bar candle formed at the support level of $0.09 on 12 May indicate an increase in the bullish momentum. Price action obeyed the candle pattern and the price increases accordingly to the resistance level of $0.16. The level holds the price and ranging movement commenced.

Stellar is trading around the 9 periods EMA and 21 periods EMA as a sign of ranging market. The Relative Strength Index periods 14 is at 44 levels and the signal line displaying no specific direction.

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