Lorenzo Stroe
Independent Analyst
- Stellar price had a significant breakout from a symmetrical triangle pattern.
- The digital asset aims for a 34% move towards $0.55.
- However, a key indicator is close to presenting two robust sell signals on different time frames.
Stellar was trading inside a tightening range since February 21 before finally seeing a breakout above the upper resistance trendline. However, the move was fairly weak and a key indicator shows XLM could be facing strong selling pressure.
Stellar price aims for $0.55 but might have to endure some pain first
On the 4-hour chart, the breakout from the symmetrical triangle pattern has a price target of $0.55, a 34% move calculated using the height of the pattern. Initially, XLM didn’t see a lot of continuation after the breakout but has finally touched $0.434.
XLM/USD 4-hour chart
However, the most concerning factor is that the TD Sequential indicator has presented two green ‘8’ candlesticks on the 4-hour and 9-hour charts. These are not sell signals just yet but could transform into them soon.
XLM Sell Signals
The validation and confirmation of both signals will significantly increase the selling pressure for XLM which could quickly fall towards $0.4 again to at least re-test the psychological level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?