Technical analysis: Stellar rally looms if bulls crack barrier
Stellar is trading at $0.83, a price level above which a breakout to $0.86 will see bulls aim at $0.12
Downward pressure across the crypto markets means most coins are trading at a discount compared to their opening price in the past 24 hours. If bulls hold prices above these levels on a daily close, a run to the upper boundary ($0.866) could invite more buy-side pressure and provide the energy buyers need to battle sell-side pressure lurking on the upside to $1.20.
Stellar price is below the 100-SMA and the 50-SMA on the hourly chart, while bulls are battling to break above the 10-day EMA on the log. From a technical perspective, if the Stellar Lumens token continues on a negative trajectory short term, its price could slip to $0.78 (the 50-SMA on the daily chart).