Stellar Price Analysis: XLM/USD Bulls Set Sights on Triangle Resistance

Stellar continues to climb as the price is attracted to the top of its symmetrical triangle visible on the daily time frame. Price also found support at the short-term rising trendline to signal that bullish momentum is picking up.

Price is also above the 100 SMA to indicate that bulls have the upper hand, possibly having enough strength to push past the triangle top for a prolonged climb. Note that the triangle pattern spans .1800 to .3800 so the resulting climb could be of at least the same size.

However, Stochastic is already indicating overbought levels to indicate that buyers are starting to feel exhausted. Turning lower could lead to a return in selling pressure and another dip to the triangle bottom around .2200 or the near-term trend line at .2400. RSI has some ground to cover before reaching the overbought zone, indicating that buyers could stay in the game for a bit longer.

XLM/USD Chart - TradingView

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2018-11-09 12:00:56

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