Stellar price (XLM) bulls are impatient and have already started buying at the low of the month. Not far below lies the base of a bearish triangle at $0.30 (represented as a black line on the chart below).  Bulls are currently haltingStellar’s slide towards the $0.30 base. Expect bulls to try to pare this week’s losses and position for a retest and break above the ascending trend line (also black on the chart) by next week. Stellar price has been on the back foot a bit these past two weeks after bulls failed to break the monthly R1 resistance level at $0.45.. Bears then saw their opportunity and started an intermediary downtrend, supported by the black descending trend line. As price traded lower, both the 55-day and the 200-day Simple Moving Averages (SMA) at $0.36 were broken, and a bearish triangle started to form with the historical $0.30 level as a base.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

XLM price has seen bears caught by surprise this morning as Stellar price buy-side inflows increased.. This has caused a knee-jerk response from bears, as they see their gains in full almost entirely pared back, even before a first test of  the $0.30 base. It looks like bulls will want to try and reclaim both the 55-day SMA and the 200-day SMA at $0.35 by the time of, or during the weekend. If XLM price bulls can get a slight lift from some tailwinds – or as a result of a few headwinds fading– expect a magnified move higher with a breakout above the black ascending trend line. Then Bears will likely get pushed out of their positions  leading to a possible short squeeze up to and against $0.40. From there, a positive spillover effect from other tailwinds in cryptocurrencies might help lift sentiment in Stellar price back up to $0.46.

Stellar under bearish outlook

Nov 19 2021