Stellar Lumens #XLMUSD has dived over -20% at the time of this writing from a high of 0.32604 yesterday.
The whole market was way overdue for a real correction and I believe this is it. Stellar is in a little different pattern as the rest of the market. It was already in a correction, possible ABC as marked, from that huge push following the Ukraine announcement. The question is, will the correction that the market is going through now, erase the rest of those gains or not. Honestly, I have no idea. Its difficult to even plot a impulse wave on that spike and as you can see, the Monthly pivot points are nearly irrelevant at this point because R5 was blown through in just a few days.
If we assume we are in a Wave 2 correction we might be finding support here at the 0.618 retrace at 0.2359, but it could fall to the 0.764 sitting right around the R1.
Long term, with Stellar being looked at by more than one country as a route to a digital currency, Stellar is destined to go up, past the recent high, its just a matter of time. That said... I once said the same thing about Ripple #XRP.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
The whole market was way overdue for a real correction and I believe this is it. Stellar is in a little different pattern as the rest of the market. It was already in a correction, possible ABC as marked, from that huge push following the Ukraine announcement. The question is, will the correction that the market is going through now, erase the rest of those gains or not. Honestly, I have no idea. Its difficult to even plot a impulse wave on that spike and as you can see, the Monthly pivot points are nearly irrelevant at this point because R5 was blown through in just a few days.
If we assume we are in a Wave 2 correction we might be finding support here at the 0.618 retrace at 0.2359, but it could fall to the 0.764 sitting right around the R1.
Long term, with Stellar being looked at by more than one country as a route to a digital currency, Stellar is destined to go up, past the recent high, its just a matter of time. That said... I once said the same thing about Ripple #XRP.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
Comment:
Looks like we are pushing to the 0.764.
Looks like we are pushing to the 0.764.
Wanted to add the following note. The current 0.24 level was also the resistance of the last major push up over a month ago.