Another bounce from the support of wedge:
As in my previous post we have seen that on weekly chart, the priceline of XLM coin was getting bounced from the support of a and had a strong resistance of 100 .
Now the price action of Lumens is again moving up because after hitting the 100 resistance it went on the support again. This time the 100 is moving down and entered in , now we can expect that soon 100 SMS will completely cross down the price line to provide a firm support. The 50 is still working as strong support underneath the of .
Now is the priceline will move up to the resistance then it can hit $0.135 to $0.14 easily. But if the Stellar coin will break out this level then an imminent move can be observed up to $0.20 (as per measurement of space between the tail of to the support and placing it at the recent ).
The indicators and oscillators:
If we take a look at the indicators and oscillators then on long-term weekly chart the is still in uptrend and has turned weak from strong soon it can turn as well. Now we can wait for momentum to turn or atleast weak from strong for further movement to the upside.
The price action found firm support above $0.08:
On the it can be observed that the price action of XLM has found a firm support above $0.08 having good support of 50 as well. At the moment the price action is trying to breakout the 200 . If the price action will breakout 200 and 50 will move up and form a golden cross with 200 then a strong can be triggered because this golden cross can invite many professional traders to jump in to Stellar coin.
Ichimoku cloud turned bullish:
On the has turned , but the candle sticks did not cross up the cloud so far. In fact the candle sticks are struggling to breakout the cloud, but the lagging span and conversion and baselines of indicator have given signals therefore we can expect a breakout from the cloud soon.
Even though the indicators are turning and the XLM coin has strong support on weekly chart but I will be using the support of or atleast the 50 on weekly chart as stop-loss because if these supports will be broken down then a strong move can be seen.