Stellar has had little movement in the last few days as it has maintained its neutral stance, making only a small shift upward at the last minute. The slight shift upward means that the bulls are present in the market, and the digital asset might see a bullish run in the next couple of days.
Since the new year began, Stellar has been trading around a small region, touching a high price of $0.3 and going down to its low price of $0.2. looking at the one hour chart of the digital asset, one would notice that this move was integral for the digital asset as it hopes to make a surge out from this price mark with only the market action remaining.
Stellar is showing bullish impulse
The digital asset range in the past few weeks shows that the 50% range which has seen the digital asset encounter a rejection, a decline, and a surge is proof that market sentiment is still very much present in the market. The digital asset showed positive signs as it traded above the range for the first time in the last few weeks, prompting investors’ influence in the digital asset market. Presently, the digital asset is moving well above the 50 level, which signifies that the digital asset is primed for a small bullish run as the days roll by.
Even the MACD line shows that the bullish momentum is being formed as it has moved well above the zero lines. The Bollinger bands also show that volatility could be well present in the digital asset after making a rise as it briefly touched a low-level last week. The digital asset price has also seen a considerable upward move judging by the move in its market cap. The factors above show that the bulls are gradually making their place in the market, which would see them drive the price upward.
Retesting the mid-level is crucial for the digital asset
If the digital asset is to make the much-needed surge that experts have predicted and investors are waiting for, then it might retest its previous level to do that. If it tests this region and goes under, then the bullish momentum would not be sustained. The lost essential levels to note regarding the digital asset are entry-level, set at $0.271, and its exit, around $0.3.
Other levels include the stop loss level, which is around $0.26, and the risk to reward, which is 3.55. In conclusion, retesting its previous position would be long-term, and resistance around the $0.29 should be considered. If the midpoint is lost, then it would invalidate all the notions.