- Intraday Fall of 1.70%: Stellar's price starts a post-retest downtrend with this fall, completing an evening star pattern, indicating a rise in bearish sentiment.
- Downtrend Testing Bullish Confidence: The downtrend is set to test bullish confidence at the confluence of the 50-day EMA and the 23.60% Fibonacci level, gaining momentum.
- Slightly Bearish Technical Indicators: Both MACD and RSI trends are declining, while the 50 and 200-day EMA sustain a positive trend, but rising selling pressure may affect them.
- Potential Challenge to 50-day EMA: The growth in selling may soon challenge the 50-day EMA at $0.129, and a bearish outcome could extend the downtrend to the 50% Fibonacci level at $0.119, a nearly 15% drop.
- Possibility of Positive Recovery: If there's a recovery with lower price rejection, Stellar's price may remain above $0.14, potentially bouncing back to $0.16 for a new bullish breakout attempt.
- Warning of Bearish Turn: The retest phase and the current patterns warn of a possible bearish turn in the Stellar price trend, making it crucial for traders to watch key support and resistance levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.