Stellar price has traded sideways for the last month and is searching for a catalyst. 3.618 Fibonacci extension level of the 2019-2020 bear market is the first profit target for a channel breakout. Key moving averages remain in an uptrend. Stellar price has traded in a tight sideways channel since the 50% crash in February, just below the January 6 high at $0.44 and around the 50-day simple moving average (SMA). Traders remain as reluctant today as they were a month ago, setting the backdrop for an impulsive move. Stellar price correcting in time, not price XLM is searching for a catalyst, and the upcoming Bitcoin option expiration on Friday might just be the anecdote to solving the sideways channel. The daily volume figures are not showing any distribution during the channel as the daily average volume has fallen by almost half, from 630 million to 230 million over the last month. Since the current channel follows a long and powerful gain, the key moving averages remain in an uptrend, volume does not show distribution, and the Relative Strength Index (RSI) is no longer overbought, it is timely to examine the resistance and price targets for an upside breakout. A daily close above the upper channel line at $0.440 will put XLM on course to test the 3.618 Fibonacci extension level of the May 2019-May 2020 bear market at $0.555 and then the all-time high at $0.608, representing a 40% gain from the breakout. An overly ambitious price target is the 1.618 Fibonacci extension of the February bear market at $0.790. XLM/USD daily chart Of course, the Stellar price channel could break to the downside, but the risk is contained to a 9% decline due to imposing support at the intersection of the 100-day SMA, the 0.50 retracement level of the 2019-2020 bear market, and the February 23 low around $0.320. There is an old saying traders should remember; ‘be beware of the shakeout before the breakout.’ FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Fed’s Evans: US economic recovery has been stronger than expected FX Street 1 year Stellar price has traded sideways for the last month and is searching for a catalyst. 3.618 Fibonacci extension level of the 2019-2020 bear market is the first profit target for a channel breakout. Key moving averages remain in an uptrend. Stellar price has traded in a tight sideways channel since the 50% crash in February, just below the January 6 high at $0.44 and around the 50-day simple moving average (SMA). Traders remain as reluctant today as they were a month ago, setting the backdrop for an impulsive move. Stellar price correcting in time, not price XLM is searching for… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.