Stellar finds resistance in SMA

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Source: Dukascopy Bank SA


At the start of December, the price for Stellar found support in the lower trend line of the channel down pattern, which has guided the XLM/USD rate since the start of November. The following surge reached the resistance of the 50-four hour period simple moving average. The SMA provided enough resistance for a decline to begin.

If the pair continues to decline, it could find support in the lower trend line of the channel down pattern. Meanwhile, note that the 0.2000 mark provided support in Summer.

On the other hand, the rate might make an attempt to pass the resistance of the 50-four hour period simple moving average. A move above the SMA is most likely going to find resistance at the upper trend line of the channel and the 200-period SMA.
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