Edge

Stellar

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Stellar (XLM) has seen remarkable volatility recently, with its price action consolidating within a triangle chart pattern. As the pattern reaches its apex, technical indicators hint at a potential downturn. Moreover, momentum indicators support the bearish outlook despite Stellar’s growing social dominance and social volume. 
Stellar’s current price behavior lacks a clear directional bias. It’s stuck in a neutral chart pattern that usually necessitates waiting for a decisive breakout before making investment moves. From a technical standpoint, Stellar could soon break below the lower boundary of the triangle. 
Additionally, Stellar is at a crossroads in terms of its Exponential Moving Averages (EMA). It currently finds support at the 100-day EMA of $0.1203, while challenging the 50-day EMA at $0.1257. The Relative Strength Index (RSI) is on a downward spiral, signaling a potential flip of the 100-day EMA into a resistance level. A decisive close below the 200-day EMA at $0.1127 would further confirm a short-term downtrend. Significantly, the RSI has just signaled a sell call, intensifying the likelihood of a downside. 
However, the Awesome Oscillator (AO) suggests a more optimistic view. Over the last nine trading sessions, its histogram bars have gradually moved toward the positive region. This could indicate an influx of bullish momentum to counterbalance the bearish indicators. 
For a turnaround, Stellar needs to break free from the upper boundary of its current chart pattern and secure a daily close above $0.1389. In an extremely bullish scenario, Stellar could even reach the $0.1600 mark. 
On the social metrics front, data from Santiment shows rising social dominance and volume for Stellar. These metrics measure Stellar’s share of mentions across cryptocurrency-focused social media platforms. A rising social dominance could tip the scales in favor of bullish momentum, thereby complicating the technical signals. 
In summary, Stellar’s price action remains uncertain despite strong social metrics pointing towards a bullish trend. Therefore, investors should keep a keen eye on both technical and social indicators to gauge Stellar’s next move effectively. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/stellar-price-teeters-on-the-edge-despite-rising-social-metrics/">Stellar Price Teeters on the Edge Despite Rising Social Metrics</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Stellar Price Teeters on the Edge Despite Rising Social Metrics

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