Stellar’s (XLM) price is trading in the middle of a long-term range, having decreased since it reached its yearly high in July.
Despite the decrease, the daily timeframe readings indicate that a breakout from the current pattern is expected. This could lead to a new yearly high.
Stellar Price Consolidates After Rejection
The weekly time frame technical analysis for XLM shows that the price broke out from a long-term descending resistance line in January. Before the breakout, the line had been in place for 616 days.
Afterward, XLM moved above the $0.105 resistance and reached a new yearly high of $0.195 in June. However, the price has fallen since, creating a long upper wick and several bearish weekly candlesticks.
The main resistance area is $0.23, while the closest long-term horizontal support is $0.105.
The weekly RSI gives an undetermined reading. The RSI is a momentum indicator…
