Steller is a cryptocurrency, which has solid utility as a crypto currency. We will be analyzing it technically on the daily time frame. If we look at the chart, market is currently ranging, forming higher highs and higher lows on the lower time frames. The trend had been bearish earlier. Why are we looking to go long on this is the reason that the market is ranging after the bearish move down. From this range, we will be looking to go long on this pair. Market has moved away from the support level and has tapped it various times. 

The descending trendline has been broken out for buys and has been validated by the price action. Therefore, we get an additional factor for the market sentiment towards the bullish momentum.

The retracement area of 61.8% is in confluence with the support level, where we will be looking to long as a setup.

The EMA 50 is still bearish and we will look at this EMA as a take profit region. Once market begins its markup, we will continue to buffer up and take profit at the EMA 50.

RSI is at 52, which is also the bullish region for the market. At the support level, the RSI will be neutralized and will be in confluence with the other technical factors. This will add as a given bullish setup factor for the market and our setup.

Steller longs

Aug 07 2022

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