The bulls held the trendline support on Oct. 31. Currently, Stellar is attempting to scale above the moving averages. The zone between $0.24 and $0.27 might offer stiff resistance.
A breakout of $0.27 will invalidate the bearish descending triangle pattern, which is a bullish sign. Therefore, traders can buy on a close (UTC time frame) above $0.27 and keep a stop loss at $0.20, which can be raised later. The target objective is $0.36, with minor resistance at $0.304.
Our bullish view will be negated if the XLM/USD pair fails to break out of the overhead resistances. On the downside, a break of the trendline can result in a fall to $0.205 and $0.184.