Stellar price explodes by 25% and aims for $0.2 but might need to pull back first

• Stellar price had a major pump in the past 24 hours rising from a low of $0.127 to a high of $0.162.
• The digital asset faces very little resistance until $0.2 which is the bullish price target.

Stellar was trailing behind Bitcoin and was trading in a daily downtrend. However, in the past 24 hours, bulls have managed to push Stellar price above several resistance points with a 25% pump.

Stellar price gears up for a rally to $0.2 but faces short-term pressure

On the daily chart, Stellar has climbed above several resistance levels and two critical points. The 12-EMA and the 26-EMA were acting as strong hurdles and are now support levels. However, bulls still need to push Stellar price above $0.166 to fully confirm an uptrend on the daily chart.

XLM/USD daily chart

If Stellar can crack $0.166, it will face practically no resistance until the next high at $0.2. However, there seems to be a lot of short-term pressure for XLM as a key indicator presented several sell signals.

XLM Sell Signals

On the 15-minutes, 30-minutes, and 4-hour charts, the TD Sequential has presented a strong sell signal and it’s on the verge of doing the same on the 10-minutes chart. It seems that Stellar price is poised for a short-term pullback before resuming the uptrend.