By
Svetlana Soroka
April 5th, 2024
Stellar has been engaged in continual bearish movements, owing to fundamentals that aid the current bearish outlook; the cryptocurrency made some faint bullish effort that was often followed by further drop in the market.
Resistance levels: $0.250, $0.300, $0.350
Support levels: $0.190, $0.180, $0.170
XLMUSD Long-term Trend: Bearish
Stellar has been engaged in continual bearish movements, owing to fundamentals that aid the current bearish outlook. Last week was not exempted as the price reached the support level around $0.180, and later pulled back to the support level at $0.190 on the daily chart. The cryptocurrency made some faint bullish effort that was often followed by further drop in the market. In the near future we may expect further decreases in the rates to the support level at $0.170.
On the daily chart, MACD indicator is below the zero level with its signal lines moving downwards, which indicates that this downward phase is likely to continue. This does not, nonetheless, rule out a possibility of a surge in price towards the resistance level at 0.250.
XLMUSD Price Medium-term Trend: Bearish
The market breached the level of 0.220 earlier this week, which means that bears are still in control, determining to hold out. That does not mean that the price cannot bounce above the level at $0.220. For a bullish bias to form, there is a need for price to go above the resistance levels at 0.250 and 0.300. On the downside, the support levels at 0.180 and 0.170 stands to be tested, and that will require a strong selling pressure. All this will result in a directional bias.
In the 4-hour chart, the MACD indicator is at the oversold level, and the candlesticks that form have been reflecting the weakness in the market.