In this Stellar price outlook, if the XLM has more buyers at the upper price level, the price will rise above the $0.1400 price level. What next can traders expect?
Stellar Price Medium-Term Outlook
Yesterday, June 6, the price of Stellar was in a bullish trend. On May 15, the XLM price reached its peak price of $0.1400 price level. This is the peak price since December 2018. The coin had never traded above the overhead resistance since the beginning of the year. However, on May 16, the bulls were resisted at the overhead resistance level. The crypto’s price had a downward correction at the support level of $0.1200.
The testing of the overhead resistance and the downward correction had been on in the last one month. For instance, on May 5, the price fell to the support of the lower price range. The following day a bullish candlestick appeared to resume an upward move to the upper price range. On the upside, if the price of Stellar has more buyers at the upper price level, the crypto’s price will rise above the $0.1400 price level.
XLMUSD Price Short-term Outlook
Looking at the 1-hour chart, XLMUSD price was in a bearish trend. On June 2 and 3, the bulls tested the $0.1400 overhead resistance and the price went on a downward correction to a low at $0.1180.
XLM bulls defended the lower price range but pulled back price above the Exponential Moving Averages (EMAs). XLMUSD price is now fluctuating above the EMAs. In the meantime, the price of Stellar is in the overbought region of the daily stochastic but above the 80% range. This is an indication that the price is in a bullish trend and a buy signal.
- Resistance Levels: $0.1300, $0.1400¸ $0.1500
- Support levels: $0.1100, $0.1000, $0.09000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.