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The Stellar price responds to two technical setups; the first is descending triangle pattern, and the other is a rectangle range between the $0.13 and $0.1 barriers. The coin price is currently trading at $0.1146, and these two setups should influence its near-term future.
- A dissenting triangle pattern keeps the Stellar price
- A bullish breakout from the resistance trendline will invalidate the bearish pattern
- The intraday trading volume in the XLM is $270.5 Million, indicating a 137% gain.
Amid the recent sell-off in the crypto market, the Stellar coin price reversed from the confluence resistance of the downsloping trendline and $0.13. This downfall breached local support of $0.1168 and plunged the prices 17.7% down to $0.1070.
However, a high volume retested to the breached $0.1168 level indicates a weakness in bearish momentum. Moreover, the 20-and-50-day EMA currently supports the prices to resume their prior recovery.
If buyers breach this overhead resistance, the altcoin could rise 7.5% higher to hit the downsloping trendline. Until the Stellar price is below the mentioned trendline and $0.13, the coin holders can maintain a bearish bias.
Moreover, the nature of this triangle pattern is to resume the established downtrend. Thus, a breakdown below the $0.1 neckline support will accelerate selling pressure and sink the coin price to $0.09.
On a contrary note, a breakout from the resistance trendline will undermine the bearish thesis and may encourage buyers to surpass the $0.31 ceiling.
EMAs: the flattish EMAs(20, 50, and 100) slope highlights a sideways rally. Moreover, the coin price is currently wavering between a narrow range formed by a 100-day EMA and combined support of 20-and-50-day EMAs.
Vortex indicator: despite a recent correction, the VI+ and VI- slope prevented a bearish crossover. Moreover, the increasing gap between the indicator’s slope indicates the bullish momentum rising.
Stellar Price Intraday Levels
- Spot rate: $0.113
- Trend: Sideways
- Volatility: Low
- Resistance levels: $0.116 and $1.21
- Support levels: $1.064 and $1
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.