Stellar Could Grow x2

Viktor Karapetjanc Crypto Post

Stellar continues to move within the descending channel producing lower lows and lower highs. Trend remains bearish while price formed the low at $0.15.

The most recent bounce of the upper trendline of the descending channel was on 28th of May and since then price has formed the resistance at 0.23. In order for STR/USD to start moving higher $0.23 resistance must be broken with a daily close above that price.

It that happens, Stellar is likely to start correcting upwards and potentially double in value, as the next strong resistance is seen at 88.6% Fibonacci retracement, that is $0.44.

On the other hand if resistance will be rejected, yet another wave down could be expected towards previously established low at $0.15 or a psychological support at $0.1

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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