Stellar: Price Analysis, October 24

XLM/USD

Stellar is trading close to the downtrend line of the descending triangle, which is a positive sign. Though it has failed to break out of the overhead resistance, we like the way it has sustained above the moving averages.




XLM/USD

If the bulls succeed in breaking out of the triangle, the traders can establish long positions on a close (UTC time frame) above $0.27. The target objective is a rally to $0.36, with a minor resistance at $0.3.




If the XLM/USD pair plummets from the current levels and breaks below the moving averages, a drop to the support zone of $0.184–$0.2 is probable.

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