XLM broke-out of the ascending triangle that is highlighted in blue only to crash and burn and actually break down below the triangle, falling near crucial support.
The area of support XLM is dancing around right now is the 0.00003 area, and if XLM does not bounce back near 0.00032-0.00034 I will be very bearish as that 0.00003 area will be support turned resistance, and there is a good amount of room to drop there.
If this 0.0003 support is broken with confidence, a potential slow bleed and significant price depreciation may be imminent, up to a potential -80% drop to the next real support zone.
Neutral until XLM makes a decision of this 0.0003 support area, watching for a potential bounce or defining break.
XLM has not been affected much by the 11-month bear market, and has even pumped multiple times throughout it. Only recently has XLM started to see some real hits in price, testing some crucial support currently.
No longer posting links in trading view descriptions, but you can find my twitter in my trading view profile bio. I have a discord group which can be found on my twitter.
I believe we have several support levels... This isn't likely to drop 80% even if we close below .0003 on the weekly.
Here are my charts, hope you like them:
3D:
W:
Namaste.
CryptoPirate2244
⋅
next support is on 0.000026
xplode
⋅
I could agree with you if this was technical market, but this is fucking manipulation, wtf are u talking about?
losingup
⋅
@xplode, I doubt much manipulation as far as XLM is concerned. Social discussion rankings put XLM way down (50th place or so). This coin is off most peoples radar for the moment, despite 4th biggest market cap. And crypto as a whole is quite literally in its winter. So inevitable that times are slow.
If 3k (sats) breaks. Then yea; big dip entirely possible. Will present a real juicy buy opportunity come to the New Year with any luck. I'd love to pick this coin up again at 2cents.
If Bitcoin takes another big drop then I believe panic will spread throughout crypto and everything will nosedive in the short term. (I quite like this scenario, as in terms of initiating panic and capitulation in a zero-sum bear market - it makes a lot of sense)
Alternatively, if BTC enters an accumulation phase (mostly flat), speculators will likely start pumping the alts in turn again, and we'll see some action to the upside perhaps.
Here are my charts, hope you like them:
3D:
W:
Namaste.