Stellar (XLMUSD) Analysis and Forecast (Thu, Sept 20th, 2018): Struggling for a new direction

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A resistance above vs. a downtrend line below, where will Stellar go?

Stellar has been spending quite some time inside the range of $0.18 to $0.21. Last Monday, Stellar tested the bottom line of the rectangle shape, which was formed by the price movement, and found some supports from this area. The price of this cryptocurrency increased gradually and seemed to have pierced through the downward trendline.

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Stellar (XLMUSD) D1 chart on September 20th, 2018

Relative Strength Index - RSI (14) - has got out of the negative territory and has been stalling around the threshold of 50%. Stellar saw a big movement in price, which dragged the cryptocurrency down on Monday and then pushed it upwards on Tuesday. Those two candlesticks showed the same heights in their bodies, not to mention that a Doji candlestick left on Wednesday. All of these signals indicate that both buyers and sellers are nip and tuck in this battle.

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Stellar (XLMUSD) H4 chart on September 20th, 2018

Stellar was put in a fragile technical position with the main downtrend line staying a little below the price and the important resistance of $0.215 overhead. If Stellar can shoot up to break this resistance, the price is expected to rally to the high of $0.235. If not, a retreatment which will resume the downward movement is awaited.

Written by nami.today

 

 

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