Tolberti

Stellar XLM - Huge dump is incoming! Falling wedge + triangle

Short
BINANCE:XLMUSDT   Stellar / TetherUS
  • On the daily/3D chart, we have a pretty strong bearish downtrend. We just hit a brand new low a few days ago, so it's really not looking good at all.
  • We can spot a triple bottom, which is usually a sign of a descending triangle pattern or a rectangle continuation pattern. There is a lot of liquidity below this level and the market usually comes for the stop losses.
  • The chart is printing a falling wedge and a local descending triangle . Both of them have a bearish bias until we break these patterns.
  • We deeply need to go down for the final fifth impulse wave to complete this ABC correction. Because otherwise, if we pump now, then this structure was an impulse and it's going to be a dead cat bounce rally, followed by another bear market below 0.026 USDT.
  • XLM is a great coin and I believe we will have a massive pump in 2023-2024, but for now it's still bearish and we need more confirmation to buy this altcoin.
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