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XLMUSD - 1D Chart Analysis

BITFINEX:XLMUSD   XLM / Dollar
After a positive evolution between the 18th and the 23rd of September, interval in which it has reached the maximum of 0.30$, the price of Stellar has registered a sideways movement for the next 6 days and it started the current month with the left foot.

From the technical perspective, after the price dropped below the pivot value of 0.2511$ it seems that the next important moment is represented on the chart by the 20 days Moving Average.

If the price evolution will continue to be negative and it will create a red candlestick below the 20 days MA it can be considered a confirmation of the trend change and the next possible target will be 0.1930$. As we can see on a 1D chart, this scenario seems to be supported by the Stochastic and MACD as well.

On the other hand, if the price will bounce back from the support level of 0.2360$ and it will jump above the pivot value, then the 2 possible targets are 0.2653$ and 0.2840$ in extension.
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