Stellar: Price Analysis, October 26

XLM/USD

After failing to breakout of the downtrend line of the descending triangle, Stellar (XLM) has pulled back to the 50-day SMA, which might act as a strong support. If the price bounces from this support, it will once again attempt to break out of the triangle, which will be a positive sign.




XLM/USD




Traders can wait for a close (UTC time frame) above $0.27 to establish long positions. Such a move can carry prices to $0.36.

On the other hand, if the bulls fail to defend the 50-day SMA, the XLM/USD pair can plunge to the support zone of $0.184–$0.20. If this support zone gives way, the digital currency will resume its downtrend, plunging to new year-to-date lows.

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