XLM/USD Medium-term Trend: Bullish

Supply levels: $0.24, $0.26, $0.28

Demand level: $0.20, $0.18, $0.16

Stellar is bullish on the 4-Hour chart. Immediately the coin broke the upper supply level of $0.35 and the retracement is completed, it resumed back to uptrend and it has been trending upward gradually and also broken the supply level of $0.24 second time before pulled back.

The bears gained momentum and rejecting a further increase in price; pushing the price down from the supply level of $0.24 towards the dynamic support of 10-day EMA.

XLM is trading above both 10-day EMA and the 50-day EMA. The 10-day EMA has crossed the 50-day   EMA upside. It suggests a continuation of the uptrend movement. However, the RSI 14 is above 60 levels with signal lines pointing to the south which indicate selling signal which may be a retracement. In case the bears increase their momentum the price may go down and break the demand level of $0.20 expose to the demand level of $0.18.

On the 1-Hour chart, the coin has been bullish since October 20. Just after the completion of the retracement Stella moving up gradually that is bulls are in control of the market.

Today, the price reached the upper supply level of 0.24 and the bears resist the continuation of price increment, confirmed by the formation of bearish candles.

Should the bears increase their pressure further, downtrend may be experienced otherwise the bulls will return to take control of the market. The coin is below 10-day EMA and 50-day EMA is below the coin with the RSI 14 at 60 levels and its signal lines point to the south indicates sell signaling, which may serve as a pullback.

The post Stellar (XLM) Price Analysis October 17 appeared first on ZyCrypto.

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