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Stellar 3-Day Chart – Source: TradingView.com

On the 3-day chart, Stellar has been moving above strong support (green line) for the past 240 days. In early November we had the first bullish MA cross in more than a year (9-day SMA crosses 26-day SMA), but the price quickly hit resistance at both the cloud and the 100-day SMA on November 13 at the $0.28 area, and a quick reversal ensued. Now price is trading near the $0.24 levels.

A closer look at the shorter 12hr timeframe reveals that there was a strong bearish divergence on Nov.13 (corresponding with SMA and cloud resistance) after the breakout of the symmetrical triangle. However, price bounced strongly at the $0.22 area with decent volume, validating the trendline, and setting itself for an upwards move in the future.

During the following days, it is important to observe closely what pattern the price moves in. The bullish scenario would have price moving in an ascending triangle and breaking out at the beginning of December.

Based on the height of the triangle, the price would rise until the $0.4 level, which corresponds to the 0.786 fib ratio. However, a break below the $0.22 level (red dashed line) would invalidate this pattern, and put the $0.2 level of long-term support in play. It is unlikely that price moves above the $0.45 level (May high) since it faces a ton of resistance from previous highs.

In the less likely extremely bearish scenario in which there is a break of the $0.2 support, the next support would be provided by the $0.06-$0.08 area. The price has not been to those levels since early May 2017.

Stellar [XLM]: Possible Ascending Triangle? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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