Stellar: Price Analysis, April 09

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XLM/USD

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.




XLM/USD




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.

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