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STELLAR Daily Trading Signals: 31 October

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Dominant bias for STELLAR(XLM)- Bearish

Resistance Levels- $0.2400, $0.2500, $0.2600

Support Levels- $0.2000, $0.1800, $0.1600

 

Stellar is in a bearish trend. $0.2276 in the resistance area was the point the bullish pressure from the pinbar of 29th October lost momentum. The bearish hammer formed at $0.2260 signaled the bears returned. XLM was down to $0.2225 at the support area before the close of yesterday session.

 

XLM 4-hour chart
XLM 4-hour chart

 

The bearish 4-hour opening candle $0.2239 shows divergence with the relative strength index. The index is at 34% and it signals points up which implies bullish momentum but the Stellar price is going down. It implies we may see some bullish movement to the upside and possibly to the edge of the downward trendline.

Each touch on the trendline produces a bounce to the downside. The current bullish movement should be seen as a retracement necessary for the market correction before downtrend continuation.

$0.2100 may be retested as the bearish pressure becomes much stronger.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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