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.
Key points:
- 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.
Source- digitalcoinprice
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.
Technical Indicator
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
