Stellar (XLM): This triangle breakout targets $0.1
|- Cryptocurrency market could end the week in gains like the rally at the end of last week.
- Stellar breaks tringle resistance as bulls set eyes on $0.1.
It is now one week since the sudden bull rally that swept across the entire market. The market is ending this week making signals for an impending rally. Stellar is among the market leaders after breaking above the triangle resistance on the 4-hour chart. It has corrected higher 3% on the day to trade at $0.0805.
The technical indicators applied to the same chart are sending positive signals as well. For instance, the Relative Strength Index (RSI) is almost at the same level as those of Friday 8. The indicator has avoided the oversold region throughout the week in spite of the correction from the highs around $0.0820. In addition, the Moving Average Convergence Divergence (MACD) has recovered from the negative territory and is sending bullish signals at -0.000521.
Short-Term support is established at 0.08 while both the 50-day Simple Moving Average (SMA) and the 100-day SMA on the same chart will offer support around $0.078779. Moreover, further declines will be supported at $0.0760 as well last week’s low at $0.07328.
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