As the sentiment is still showing weakness across all the Crypto, Stellar has broken down both the $0.55 support level and the trendline. We had mentioned in the last analysis that if trendline is broken, it will find support from 50-day SMA and that what happened. Stellar bounced back from the 50-day SMA but found it difficult to penetrate the previous trendline which is now acting as a resistance.
In order to resume the uptrend, we need to break out the trendline as well as going above 20-day EMA. Any breaking out of the trendline will take Stellar to the first target $0.73. The chart shows that both the trendline and 20-day EMA are at the same level and they both sent Stellar down.
On the other hand, if Stellar can't go above the trendline in the next few days, it will sink to lower levels in order to gain some momentum. The first support level will be at $0.45 thereafter $0.30.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns.
In order to resume the uptrend, we need to break out the trendline as well as going above 20-day EMA. Any breaking out of the trendline will take Stellar to the first target $0.73. The chart shows that both the trendline and 20-day EMA are at the same level and they both sent Stellar down.
On the other hand, if Stellar can't go above the trendline in the next few days, it will sink to lower levels in order to gain some momentum. The first support level will be at $0.45 thereafter $0.30.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns.