Stellar Price in Retreat: Analyzing the Market Situation
- The price of Stellar has been in retreat since the beginning of the year.
- The price of Bitcoin Cash rose to the $244.18 level on Sunday.
Stellar chart analysis
The price of Stellar has been in retreat since the beginning of the year. Then, on January 3, the price had a strong bearish impulse and fell from 0.13316000 to 0.11243500. The price retreated below the EMA200, which further worsened the overall picture.
On three occasions, we tried to reverse and start a bullish recovery, but we returned below the EMA200 all three times and continued to pull back. In February, we see the continuation of the previous trend, moving in the support zone.
On Saturday, we had one small bullish attempt to 0.11300000, which bounced off the EMA200, and the price was quickly sent into retreat. That bearish consolidation continues today, and the price is currently at the 0.10818850 level. If this trend continues, we could test the previous low at 0.10686042. Bearish pressure continues to put pressure on the price of Stellar.
Bitcoin Cash Chart Analysis
The price of Bitcoin Cash rose to the $244.18 level on Sunday. There was a decrease in the bullish momentum, and we very quickly began to pull back down to the $232.71 level. After gaining support, we see the initiation of a bullish consolidation and recovery to the $238.00 level. In that zone, we encounter the EMA200 moving average, which prevents us from breaking above and continuing on the bullish side.
Conversely, the price is making a retreat to the $234.00 level. Today’s movement is in the $234.00-$238.00 range, with resistance at the upper level. We need a stronger impulse to push us to $240.00; after that, we would have room for consolidation above EMA200. Potential higher targets are $241.00 and $242.00 levels.
