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Stellar XLMUSDT Daily Chart Analysis Binance April 9,2023

After being rejected at the overhead resistance of $0.12, Stellar is now approaching the 20-day EMA ($0.10), where the bulls may show interest in buying the dips.

If the price bounces off the 20-day EMA, the bulls may attempt to overcome the resistance level again. A successful breach could complete a bullish rounding bottom pattern for the XLM/USDT pair, marking the beginning of an upward trend. The pair may then aim for $0.15 and $0.17.

However, if the price fails to hold above the 20-day EMA and drops below it, it may indicate waning bullish strength. This could lead the pair to fall to the 200-day SMA ($0.09), which is a critical level for the bulls. If it fails to hold, the price may further decline to $0.07.

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