Hey friends hope you are well, and welcome to the new update on Stellar coin.
Breaks down significant support: On a weekly time frame XLM is breaking down a very significant support of $0.16. This $0.16 level has been working as strong support and resistance since Mar 2018. Now the next major support will be at $0.12.
Broke down channel and H & S:
On a 4-hr time frame, XLM has broken down a down channel and a Head & Shoulder pattern as well. The target to the downside for H & S pattern was $0.15 and XLM has reached there.
XLM might test the support of big wedge:
On a monthly time frame, XLM is moving in a huge falling wedge pattern. Now after breaking down $0.16 support, it is possible that Stellar may retest the support of this wedge. We should remember that previously when stellar broke out a huge channel we had around 1400% move and from the low to the high, that was about 3000% rally. Same is the previous move XLM can start another massive rally after breaking out this new falling wedge.
Conclusion: Ona bigger time frames, stellar is moving in a falling wedge pattern, which is considered to be a bullish biased. Therefore, there is a high probability that after testing the support of this wedge, XLM once again starts a long-term bull run.