Stellar Lumens remains range bound between $0.31 and $0.38, though the upper bound of this range seems to have narrowed to $0.35. Currently, we are hovering near the lower bound of this range, which may be a nice entry point for investors looking to hold a long-term position, or simply trade the range. Again, it is highly advised to range trade cryptos at this point. If support does not hold, we have the lower bound of the KRI which still sits at $0.30, which is also a psychological level. Next, we have $0.28, and $0.23, both Fibonacci levels. Both Kovach Momentum Indicators have flat-lined, though the Chande has edged down, perhaps suggesting a rebound is nigh. The central moving average of the KRI at $0.38 still provides resistance. After that, we must break resistance at $0.43, a Fibonacci level, then $0.47 is the next barrier. Finally, we have $0.50, which was a significant barrier for XLM, then there is a vacuum zone from above until $0.65.
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I see the range too, it fits perfectly into a descending triangle with the apex at late next week. Don't the odds usually go with a move down from those triangles?
quantguy
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@germac, Correct. Usually that is not a very bullish sign at all, but XLM is very stubborn about holding onto $0.30 as a lower bound. If it can manage to breakout to the upside, it would mean we have a double bottom at $0.30 which is very bullish.
germac
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@quantguy, Cool, that all makes good sense to me. Thanks for the reply :-)
quantguy
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@germac, you're welcome! good luck and good trading!