This chart pattern may encourage stellar price to outperform Bitcoin

Posted 1 hour ago

While the cryptocurrency market continues to struggle with uncertainty, XLM buyers are showing their commitment to a bullish breakout of the descending triangle pattern. Completing this pattern should lead to a strong directional rally for coin holders. However, the $0.13 mark remains a formidable barrier to Stellar’s price recovery.

Key points:

  • A 20 and 100 day EMA approaching a bullish crossover could accelerate the ongoing uptrend
  • A breakout to the upside from $0.13 is needed to confirm Stellar price recovery
  • The intraday trading volume on XLM is $270.5 million, indicating a 137% gain.

Stellar Price ChartFont- business view

Stellar price has been following a descending triangle pattern for the past four months. The altcoin has tested the downtrend line of the pattern and the $0.1 neckline support several times indicates that traders are actively responding to these levels.

Although this price pattern encourages a continuation of the prevailing downtrend once prices break through the neckline of support. However, in rare cases, the price may invalidate this downtrend if the buyers were able to break the upper trend line.

Despite the recent sell-off in the crypto market with the release of US unemployment data, Stellar price made a steady recovery. Supported by increasing volume activity, altcoin gave a bullish break from the general trend line.

This breakout indicates a change in market sentiment from selling on rallies to buying on dips. This development should provide a suitable base for buyers to extend the ongoing rally. Based on the technical setup, the Stellar price rally should propel the altcoin 20% to $0.15.

However, coin buyers could face stiff resistance at the $0.13 mark as it has limited the room for upside growth over the past three months. Therefore, safe traders can enter once the daily candle closes above $0.13.

technical indicator

Bollinger Band: Stellar prices reaching the upper band suggest that buying activity has exceeded the normal price range. The trend line of this indicator should encourage it to consolidate above the $0.15 resistance.

ROI: daily RSI slope reflecting growth-like price action indicates market sentiment supports a bullish rally.

Intraday Stellar Price Levels

  • Spot rate: $0.125
  • Trend: Bullish
  • Volatility: High
  • Resistance level: $0.13 and $1.15
  • Support levels: $0.113 and $0.1

I have been working in journalism for 5 years. I follow Blockchain and Cryptocurrency since last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech to me on brian (at) coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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