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#Stellar Price Analysis

XLM rise fake? Can stellar maintain the bull pattern?

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The 6th largest cryptocurrency by market cao, Stellar (XLM) is seeing the most gains among the main 20. Stellar's cost has flooded in excess of 20 percent,

The 6th largest cryptocurrency by market capitalization Stellar (XLM) is seeing the most gains among the main 20. Stellar’s cost has flooded in excess of 20 percent in 24 hours to squeeze time, at present at $0.28511. The altcoin experienced impressive development this week, up around 40 percent in the course of recent days.

XLMUSD Price Chart

XLMUSD Price Chart

The Stellar network seems to be incorporating the best features from both the Ripple Network and Bitcoin protocol which is the main reason for traders and investors to getting attracted towards XLM.

Stellar (XLM) can probably see some bearish hurdles tomorrow as the big whales are waiting at the selling side.

Will stellar come down to its 0.2$? Let us know your thoughts in the comments section below.

#Daily Price Analysis

STELLAR Daily Trading Signals: 31 October

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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.

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#Daily Price Analysis

XLM Daily Trading Signals: 26 October

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Dominant bias for STELLAR (XLM)- Bearish

Resistance Levels- $0.2550, $0.2600, $0.2700

Support Levels- $0.2150, $0.2100, $0.2050

 

XLM is in a bearish trend. After breaking down at the 34 exponential moving averages on 24th October, the bearish pressure has been on a nice roller coaster to the south forming lower lows. $0.2410 was the low on 24th October while 25th October low was $0.2387. This is characteristics of a down trending market that produces lower highs and lower lows. The 4-hour opening candle at $0.2388 was a bearish marubozu which signals bears presence and pressure.

 

XLM 4-hour chart

XLM 4-hour chart

 

With XLM price below the 34 EMA and the relative strength index at 39% which is the sellers’ zone, these suggest downward movement in the cryptocurrency due to the Bears’ pressure.

Moreover, the inverted head and shoulder pattern plays out well with the right shoulder developing. The bears may be aiming at a retest of $0.2255 in the support area.

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#Daily Price Analysis

XLM Daily Trading Signals: 23 October

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Dominant bias for STELLAR (XLM): Bullish

Resistance Levels: $0.2700, $0.2900, $0.3000

Support Levels: $0.2000, $0.18000, $0.01600

 

XLM is in a bullish trend  The bullish pressure is much evident as XLMUSD was up $0.2590 at the resistance area 20th on October but briefly lost momentum as the bears stage a comeback. The bear pressure was strong with the cryptocurrency making a low of $0.2431 in the support area on 22nd  October but the candle closes as a bullish hammer, a signal to a reversal.

 

XLM 4-hour chart

XLM 4-hour chart

 

The bulls returned was with a bullish marubozo candle at $0.2434 and XLMUSD was up at $0.2484 in the resistance area before the session ended on 22nd October. The 4-hour opening candle today was bullish and XLMUSD was up at  $0.2520 earlier today with more room for upward movement.

Price is above the 34 EMA a strong indication to bullish pressure and the relative strength index is at 55% a buying zone. Moreover, price is forming higher highs and higher lows that are characteristic features of the up-trending market.  It implies that the bulls are in full control of the market. As more buyers take a position today the cryptocurrency may retest $0.27000 in the resistance area.

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