- During the bounce-back, the Stellar coin again approaches the downsloping trendline.
- The daily RSI indicator is going to hit a semi-line on the daily time frame.
- Stellar Coin is up 0.26% at 0.00000053 satoshis with the bitcoin pairing.
Stellar (XLM) coin has been dominated by short-sellers for the past few weeks. Sellers have a significant selling area near the descending trendline (bottom of the chart), which is still valid. Although the bulls have made several attempts to branch out into this bear’s defense zone, each attempt turns into a selling opportunity for the bears.
Again the stellar price moved closer to the downsloping trendline and yesterday evening buyers again got an upside rejection. Meanwhile, in the intraday trading session, XML was seen in green while it was trading at $0.1147 mark at the time of writing.
Amidst a roller-coaster ride, price action exhibits a descending triangle pattern since early June. Regardless of the formation, the bulls are aiming for an upside move as market leader Bitcoin notes a three-week high. Thus, there are several significant bullish hurdles in the midst of a bullish path where a slight downside in price can be seen.
According to CMC, the market cap of XLM Coin increased by 1.1% to $2.9 billion in the last 24 hours. Furthermore, Stellar Coin is up 0.26% at 0.00000053 satoshis with the bitcoin pairing. Trading volume also looks lower, which could be the key reason behind the stubby acceleration.
Market sentiment is bullish but price action draws bearish pattern
The lower band of the Bollinger Bands indicator pumped more overhead to the price of XML than the mid band (the 20-day moving average) compared to the previous night.
The RSI indicator continues to decline near the half-line. Again in terms of the daily price chart, the RSI peak moves to hit this resistance area.
Conclusion
Buyers need to break the bearish trend of the stellar coin as soon as possible to rid the coin from the clutches of bears. Though the market sentiment is bullish but in the form of a downward triangle pattern in the prices, panic spread among the investors.
Support level– $0.10
Resistance level- $0.13 and $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.