Stellar Price Analysis

Stellar Price Analysis: Can XLM/USD Break This?

Stellar price recovered nicely from the $0.157 low against the US dollar. XLM/USD is currently above the $0.220 support and is eyeing further gains.

Key Talking Points

  • Stellar price is trading nicely above the $0.2200 level and it is in a bullish zone against the US dollar.
  • There is a major bearish trend line forming with resistance at $0.2700 on the 2-hours chart of the XLM/USD pair.
  • The pair may rise further in the near term as long as it is above the $0.2200 support level.

Stellar Price Forecast

After a major decline, stellar price was able to find support above the $0.1500 level against the US dollar. The XLM/USD pair started an upside move and it was able to trade above the $0.1800 and $0.2000 resistance levels.

The price even traded above the $0.2200 pivot and the $0.2500 level. However, the upside move was capped by the $0.2850 resistance. Moreover, a major bearish trend line with current resistance at $0.2700 on the 2-hours chart of the XLM/USD pair also acted as a barrier.

The pair declined and traded below the 23.6% Fib retracement level of the last wave from the $0.1574 low to $0.2859 high. However, the downside move was protected by the $0.2200 level. The mentioned $0.2200 level was a resistance earlier and it is now acting as a strong support.

Moreover, the 50% Fib retracement level of the last wave from the $0.1574 low to $0.2859 high also acted as a decent support. At the moment, the price is trading well above the $0.2200 level and the 100 simple moving average (2-hours).

It may continue to rise, but the trend line resistance near $0.2700 will most likely prevent further gains. If buyers succeed in pushing the price above the $0.2700 level, the price may even break the $0.3000 level for more gains.

On the downside, the $0.2200 level holds a lot of importance for the current wave. A push below $0.2200 could ignite more losses towards $0.1800.

Trade safe traders and do not overtrade!

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]
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