Stellar has held its first critical support level of $0.184 but it has turned down from the 20-day EMA. If price breaks down of the immediate support, it can decline to $0.16.
If the XLM/USD pair breaks out of the 20-day EMA, it can rally to the resistance line of the descending channel. The digital currency has been trading inside the channel since early January of this year. Hence, a break out of this will be a significant event and will signal a change in trend.
We shall wait for a breakout and close (UTC time frame) above the resistance line before proposing any trades.