Stellar has been in a bearish trend with the formations of lower lows and lower highs. The market is currently ranging in a downtrend. Therefore, we have to be vary of the fact that the market can continue moving down after the breakout of the range. The price where we will take the shorts is at 0.0750.

The ascending trendline is on the verge of another breakout sell, which is due for a confirmation after the breakout sell. 

The retracement level of 61.8% is in confluence with the resistance level within the range. 

The EMA 50 is still due to be retested by the market at the resistance level. This level will act as a catalyst for the market sentiment.

RSI is at 44. This means, market will test the 50 level for the neautralized levels and will continue falling down towards the over sold region.

Stellar on the nosedive

Dec 26 2022