Stellar has formed lower highs and higher lows to trade inside a symmetrical triangle on its 4-hour chart. Price just bounced off the bottom and might be setting its sights back on the top.
However, the 100 SMA looks ready to cross below the longer-term 200 SMA to hint that the path of least resistance is to the downside. This suggests that the area of interest around the middle of the triangle might hold and send Stellar back to support at 0.2200. Then again, the moving averages might simply be oscillating to reflect range-bound conditions.
Stochastic is pointing up to show that buyers have the upper hand, but exhaustion could be seen as the oscillator is already dipping into the overbought territory. Turning back down could indicate that selling pressure is returning and might cap price gains of Stellar. RSI is also heading higher and has a bit more room to go before indicating overbought conditions, so buyers could still have enough energy to push for more gains.
Stellar has been one of the better performing cryptocurrencies over the past 24 hours, partly due to speculations that Fidelity could also make this digital asset available to investors. Recall that Fidelity just launched its institutional investment platform for Bitcoin and Ethereum, which some believe might be enough to usher in a strong rebound for the former before the end of the year.
Keep in mind that Tom Jessop, the head of corporate business at Fidelity, is the formal head of Chain, which is a blockchain platform that merged with lightyear to form interstellar.
Apart from that, HongKong-based Coinsuper also announced that it would be listing XLM on its platform, making it more accessible to retail investors in the country. Coinsuper announced that Stellar Lumens can be traded in the following pairs: XLM/BTC and XLM/ETH starting this week.
Images courtesy of TradingView
