In just two months from the beginning of 2021, a quality rally took place on the XLM market. The price of XLMUSDT has grown by more than 350%. During this time, buyers managed to update a high of 2 times. Good dynamics, but is there enough potential for buyers to maintain this pace?
If you analyze the first wave of Stellar price growth, you can see a sharp momentum, which is supported by large volumes: The second wave of growth in the XLM market, which began on January 28, lasted longer. Buyers found it difficult to raise the price and it is noticeable by candlelight. In addition, this wave renewed the previous high, but there was an impression of weakness of buyers. This impression intensified after the buyers were unable to update the previous high during the 3rd wave. Trading volumes during the 3rd attempt to increase the price of XLMUSD were lower. Thus, a long-term triangle-like correction could begin on the XLM market.
In the 6-hour timeframe, the first critical point is at $0.38-0.4. Approximately in this range, buyers gained a position for further growth during the month. If buyers fail to keep this range for XLM investors, a critical point will come. The last chance to continue the trend is in the global range of $0.31-0.33. The loss of this range will quickly send the price to $0.2
To continue to grow the XLM market, buyers need to hold above $0.5. Therefore, we will expect another test of the strength of buyers to decide where to buy XLM.
P.S. Our previous XLM idea ___________________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!
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