XLM is one of those assets that has just been beaten down again and again with no real push off of the lows. It's becoming too good of an opportunity for price appreciation and I believe it's primed for a breakout. Beyond some of the technicals I'm showing here there are also numerous fundamental reasons I think Stellar is overdue for some price appreciation.
A close above the 100 day MA would be bullish and likely cause a push up to .12 a close below will likely result in another visit back down into the .10 range. Regardless it's either up soon for XLM or off to new lows. A break and close above .12 on the daily would likely take XLM up to .15 then .17
A close above the 100 day MA would be bullish and likely cause a push up to .12 a close below will likely result in another visit back down into the .10 range. Regardless it's either up soon for XLM or off to new lows. A break and close above .12 on the daily would likely take XLM up to .15 then .17
Comment:
As we can see XLM was unable to close a a daily candle above the 100 Day MA and was rejected back into the .10 cent range and is currently holding support at the 20 Day MA. Of note, XLM is currently up over 1.38% on the BTC pair which bodes well once again that the bottom for XLM is in. There may be a little further downside but I would not expect to revisit the lows. I'll post a XLM/BTC chart update later today.
Comment:
Breakout in progress but XLM certainly likes to perform a proper backtest of any breakout levels. Was the short backtest good enough today? Time will tell. Still expecting a brief stop for XLM at .15 then some retracement occurring in the .17 cent area of major resistance.