The SMAs support and the directional movement:
As you can see that I've also placed the simple moving averages with the time period of 25, 50 and 100 on this long term weekly chart. After breaking down the 100 the price and has a strong support of 25 the same time it is moving above the support of pattern as well. I am not expecting that the 25 support will be broken down but in case it will be collapsed then the priceline has 50 strong support and the price action can have a reversal from this support as well. If we take a look on the indicator then the lower bands of the is below the support of the rsing pattern therefore the price action has more cushion to drop more down. But the simple moving averages will stop the price action to reach up to the support of . Now if we take look at the indicator then the positive direction indicator is still above the negative direction indicator in the is up with the value of 26 that is strong sign on the weekly chart.
For the people who don't know about the indicator I would like to tell them that whenever the blue line that is a positive directional indicator is above the orange line that is negative direction indicator then it is considered as a or buying signal. When we have the orange line that is negative directional indicator above the blue line that is a positive directional indicator then it is considered as or sell signal. The shows the power of bears or bulls. For example at this time we have the positive directional indicator above the negative directional indicator therefore the is showing the power of bulls or buyers but if we would have the orange line that is negative directional indicator above the blue line that is the positive directional indicator then would be showing the power of bears or sellers.
Different moving averages, indicators and oscillators on the daily chart:
Now if we switch on the then it can be easily observed that after breaking down the 100 the price action is consolidated above the 200 and now it is likely to move up from here. Here we should keep in mind that the priceline of Stellar is also having the support of the pattern and the 25 on the weekly chart as well. The moving average convergence divergence indicator ( ) has turned weak from strong and if we take a look at the then it is also burned weak . The indicator also has given bull cross from the oversold zone. Therefore all almost all indicators have started turning on the .
The bigger picture and points:
Now I would like to show you more bigger picture on the monthly chart.The protection of XLM was moving in a and from the month of September 2019 the price action started moving sideways then it formed a and moved up and reached the 25 strong . Here we also have the on the monthly chart. I have also placed the on the complete price action moving within this channel and up till so far. It can be easily observed that the point of control of the is at $0.07 Therefore the price action is moving around this point. It can be also observed that where the price action formed the at that level we also have the 1st support on the monthly chart. Therefore we can consider this level as the final for the price action of Stellar .
Even though the price action of XLM is moving in a pattern. But it is having very strong supports are the different moving averages on the weekly and on the . At the same time priceline has strong support of the pattern as well. Sofar all the indicators are turning on the . But the further move to the upside depends on the continuation of this momentum.