Stellar’s efforts to conquer the 4-month trend-line resistance bored fruits as bulls flipped the area into support after the latest upside rally. The recent buying resurgence comprised a climbing wedge pattern, which targets a retest of the ceiling at $0.125.
A decisive closing beyond the current pattern would position XLM to cancel the bearish inclinations. Meanwhile, bulls should ensure massive buying volumes to keep the present buying spree. While publishing this content, XLM changed hands at $0.124, surging 3.36% within the past 24 hours.
Stellar Daily Timeframe
Stellar’s previous downward journey formed the 4-month trend-line support on its daily chart. Nevertheless, buyers regained momentum after the alt declined towards 20-month lows on July 13. Consequently, the price action hiked beyond its short-term Exponential Moving Averages.
Furthermore, the 20 Exponential Moving Average hasn’t bullishly crossed beyond the 50 Exponential Moving Average to affirm a massive buying edge increase. Such a cross might increase the probability of bearish invalidations.
Meanwhile, the resistance at $0.12 reigniting selling momentum might welcome a slow period for the alt inside its pattern. Nevertheless, the morning star candles should bel bulls keep their edge. Closing above $0.12 would clear the path for testing $0.135.
Meanwhile, a possible bearish reversal around $0.12 would delay short-term revival projections. Closing beneath the setup might welcome a sluggish phase around the POC (Point of Control).
The RSI (Relative Strength Index) undertook a bullish bias after flipping 57 to immediate support. Sustaining beyond this mark would confirm a lucrative atmosphere for extended growth.
Moreover, the on-balance volume resonated with surging buying strength but failed to replicate prices at higher highs within the previous week. The DMI lines reflected a massive buying preference as –DI still exhibited southbound tendencies. Nevertheless, the ADX flashed a significantly weak directional bias for XLM.
Considering the climbing wedge pattern nearing the ceiling at $0.125, sellers might ensure their regime. A closing beyond this hurdle might mean bearish invalidations. Targets would stay as highlighted above. Lastly, investors should evaluate the on-chain activity and broad market cues for profitable decisions.
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