XLM followed XRP's lead last week soaring to new highs after breaking out of the 3300 range and not looking back! Stellar hit highs of 4485, which was the 2.618%FIB level, an amazing run! Since then, however, we ran into a few supply zone slowly down its momentum as we currently remain stuck in the supply area near 3960. We could see another run up higher to test the liquidity above but we are starting to see bearish divergence in price and RSI as well as a bearish crossover in the MACD.
We have currently found support around the 1.618%FIB level but a break and close below could mean a trip back down to the previous S/R flip zone around 3542. A continued break below here would completely erase last weeks move and paint an extremely bearish picture for not only XLM but the entire crypto market.
If you're in profits and have yet to take some off, around this area would be smart especially with BTC failing to break above resistance.
Thanks guys!
We have currently found support around the 1.618%FIB level but a break and close below could mean a trip back down to the previous S/R flip zone around 3542. A continued break below here would completely erase last weeks move and paint an extremely bearish picture for not only XLM but the entire crypto market.
If you're in profits and have yet to take some off, around this area would be smart especially with BTC failing to break above resistance.
Thanks guys!