Stellar (XLM) Price Analysis – April 26
Significantly, the price of Stellar has been dramatically low in the past weeks of trading; positioning the token in a decline as a result of selling pressure which is yet to be exhausted. The bears have been dominating the XLM market for a long period now. However, there’s a need for a reversal to resume a bullish trend. Meanwhile, the token currently down by 7% in the last 24-hours of trading.
Resistance levels: $0.11 $0.12
Support levels: $0.095, $0.085
Since April 8, Stellar has been plunging in a descending channel after the late March incline which flew price to $0.135 high. The rise-up was signaled while crossing above the 50-day moving average (yellow line) which is now moving along with the bearish scenario.
Respecting the trend lines, the lower low and lower high trend is currently nearing $0.095 support level. Possibly, a bearish retracement may look for a level at $0.11 resistance, locating the upper channel.
If price further rises above the mentioned support, the buyers may gain control of the market. This could position the yellow line in an upward direction. However, $0.12 would be the next buying target. However, the 4-hours MACD is bearish; revealing a strong selling pressure in the market.
As appeared on the medium-term graph, Stellar had been falling for the past one month; following the low cross on the major 50-day moving average (yellow line) in late March. As the token follows a bearish move; the yellow line slopes along while trending above the market.
Looking at the XLM market, the strength of the sellers is revealed by the yellow line downward direction, which shows a strong bearish dominance. Now, Stellar is heading low to test 1800SAT support.
For this trend to reverse, we may need to see price above 2100SAT resistance with the 50-day MA facing upward direction below the price action. By then, the market could rise-up. On the 4-hours MACD, the bearish scenario is revealed at the extreme negative area.
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