Hey friends, hope you are well, and welcome to the new update on Stellar con.
Descending triangle:
On the small-time period 4-hour chart, the price action of the XLM coin has formed a descending triangle. The priceline is re-testing the support of this triangle and the 200 simple moving average support as well. If the candlesticks will be bounced from here then it can make another attempt to break out the resistance of this pattern or in case of break down the support the priceline can drop to $0.20 level.
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Bullish reversal Gartley move:
On the two-day time period chart, the price action of Stellar has completed a harmonic bullish Gartley pattern and entered the potential reversal zone. At the same time, it is also re-testing the exponential moving averages with the time period of 10 and 21 as support. Before this Gartley move, we can observe that the priceline of XLM formed a bullish BAT as well.
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Conclusion:
During the current bearish move, the price action has formed another bullish reversal that can start a move to the upside for a short and mid-term.
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