Stellar (XLM) is struggling to stay above the 20-day EMA, said the senior trader at John Todorov. Though the bulls pushed the price above the 20-day EMA on June 12, they could not sustain it. The price dropped back below the 20-day EMA on the next day itself. This shows a lack of buyers at higher levels, thinks Todorov.
The’s senior trader spot a descending triangle pattern in the short term that will complete on a breakdown and close (UTC time frame) below the support at $0.11507853. This bearish setup has a target objective of $0.06678607 but we anticipate strong buying at $0.08558676. Todorov’s negative view will be invalidated if the XLM/USD pair breaks out of the descending triangle. A failure of a bearish pattern is a bullish sign, hence, a rally to $0.14861760 is possible. Above this level, the pair will complete an inverse H&S pattern that has a target objective of $0.22466773. Todorov will wait for the price to close (UTC time frame) above $0.14861760 before recommending a long position.
According to the price analysis of Johan Tomasson, senior analyst at, Cardano (ADA) is facing stiff resistance at $0.10. It again turned back from this level on June 13. This is the fifth occasion that the bulls have failed to ascend the overhead resistance. Tomasson expect the bulls to defend the 20-day EMA and attempt a breakout of $0.10 once again. If successful, it will complete a rounding bottom pattern that has a target objective of $0.22466773. Therefore, traders can buy on a close (UTC time frame) above $0.10 and keep a stop loss of $0.0730.
Contrary to his assumption, if the ADA/USD pair dips below the 20-day EMA, it can correct to the 50-day SMA, which is strong support. If this support gives way, the pair can plummet to $0.057898. Currently, both the moving averages are flat and the RSI is close to the midpoint, which points to range-bound action for the next few days.


Please enter your comment!
Please enter your name here