CopilotThe

XLM, bounce on support?

KRAKEN:XLMUSD   XLM / USD
XLM , as many other altcoins has been heavily punished by the alt bear cycle. Now, the Stellar Lumen is in an important level in which it has to decide whether it stops falls or attacks the next resistance.

As the chart shows us, the gap hasn´t been closed yet. This can add further bearish preassures to the prices. Gaps usually drive the priec up or down to close it, to afterwards bounce back up. However, in the hypothetical situation in which the XLM gap is closed, the price has to decrease 78%.

Most of the altcoins still find themselves in a bear cycle. The bottom seems to be very close, however, we have to be careful with long positions.

The Copilot

Comments

Holy smokes.. so the gap has to fill Like 90% of the time?
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CopilotThe rosscepp
@rosscepp, Usually it is filled. However, 70% seems too much for the current context.
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