Stellar Price Analysis Hints 7.5% Jump Before The Next Bear Cycle

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