A Break From the Current Range Will Determine the Direction

Stellar Lumens has been moving in a bearish trend since the summer of 2021, creating lower lows after periods of consolidation. Currently, the price is channeling in a horizontal range after breaking down from a descending triangle pattern early in 2022. The price now has once again arrived at the support level. For a bearish continuation, price needs to clearly break the support level of 0.1600. For a bullish reversal, price first needs to clear the resistance of the channel, which is 0.2400 level.