Yesterday, Feb. 22, our stop loss on Stellar was hit as it closed at $0.34884075 (UTC). The bulls are aiming to defend the support zone between $0.30 to $0.35.
If the XLM/USD pair re-enters the channel, it will be a bearish development. On the upside, the bulls are likely to face strong resistance at $0.41, the 20-day EMA, and at the 50-day SMA.
We need to turn bullish and look for buying opportunities on a breakout above the $0.48 levels. Until then, it’s better to remain on the sidelines.