The Stellar (XLM) price has fallen since the beginning of April. It lost a crucial horizontal area during the downward movement.

However, while the long-term readings are bearish, the short-term chart suggests that a bounce could transpire soon.

Stellar Price Might Have Completed Correction

The technical analysis from the daily time frame shows that the XLM price has fallen since reaching a yearly high of $0.11 on April 1.

During the fall, XLM fell below the $0.095 area, which was expected to provide support. The area will likely provide resistance in the future.

The decrease since the high resembles a five-wave downward movement (black). If so, XLM is currently in the fifth and final wave of the decrease. Since the preceding increase was an A-B-C corrective structure (white), the wave count suggests that the trend is bearish.

To determine the direction of a trend, technical analysts use the Elliott Wave theory, which involves studying recurring long-term price patterns and investor psychology.

The Relative Strength Index (

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Author: Valdrin Tahiri

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