Stellar XLMUSDT Daily Chart Analysis Binance April 9,2023
XLMUSDTAfter being rejected at the overhead resistance of $0.12, Stellar is now approaching the 20-day EMA ($0.10), where the bulls may show interest in buying the dips.
If the price bounces off the 20-day EMA, the bulls may attempt to overcome the resistance level again. A successful breach could complete a bullish rounding bottom pattern for the XLM/USDT pair, marking the beginning of an upward trend. The pair may then aim for $0.15 and $0.17.
However, if the price fails to hold above the 20-day EMA and drops below it, it may indicate waning bullish strength. This could lead the pair to fall to the 200-day SMA ($0.09), which is a critical level for the bulls. If it fails to hold, the price may further decline to $0.07.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.