Stellar: Price Analysis, October 22

XLM/USD

Stellar has been trading close to the downtrend line of the descending triangle for the past four days but has failed to break out out it. Currently, it is trading above both moving averages, which are sloping up. This is a positive sign.




XLM/USD

A break out of the triangle can propel the XLM/USD pair to $0.36, with a minor resistance at $0.3. Therefore, the traders can initiate a long position on a close (UTC time frame) above $0.27, which is just above the intraday high of Oct. 15.




If the bears defend the downtrend line and sink the price below the moving averages, the digital currency can slide to the lower support zone of $0.184–$0.2.

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