20.1 C
Manchester
July 18, 2019
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stellar

Stellar: Price Analysis, Nov. 12

XLM/USD

Stellar is showing promise as it has formed an ascending channel.




XLM/USD




It is currently facing resistance at the resistance line of the channel, yet it remains positive because both moving averages are sloping up. Hence, any pullback is likely to find support at the trendline, and below that at the 20-day EMA.

If the XLM/USD pair breaks above the channel, it is likely to pick up momentum, break out of the immediate resistance at $0.304, and rally towards its target objective of $0.36. For now, we suggest keeping the stops at $0.2. We shall watch for a couple of days and then raise the stops higher.

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