XLMUSD | Indicators are turning bullish at support of Wedge

On long term weekly chart the price action of Stellar is still moving in a rising wedge . Even though the candlesticks have spiked beyond the support of wedge but there the 50 simple moving average has provided strong support. This SMA can be helpful for priceline to save the support.

On daily chart the priceline has broken down 100 and 200 simple moving averages. But after breaking down 200 SMA the indicators are turning bullish . For example the moving average convergence divergence MACD and stochastic indicators are turned strong bullish and momentum is turned weak bearish from strong bearish .

On daily chart the price line of XLM is also moving in down channel . The volume profile of the complete channel is showing very weak interest of the traders at the level where the priceline is moving at the moment. In moon phases indicator the new full moon is also appeared at the high altitude from the resistance of the channel. Therefore the priceline is trying to break out the resistance without touching at the support.

On the daily chart the price action has also entered in the potential reversal zone of bullish butterfly and moving up from here.

The price action has formed rising wedge on weekly chart, even though this pattern is considered as bearish reversal according to most traders. But due to strong support of SMAs and BAT move on the daily chart we can expect a rally to the upside atleast up the resistance of rising wedge .
Atif Akbar


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