XLM has been performing badly since June 3rd when that down trend channel began forming.
Nevertheless, it seems that bulls are defending the 0.058 level aggressively, so we can safely say that new strong support is forming. Since XLM touched that level it broke out of the current downtredn channel.
I would suggest waiting for the daily candle to close above the trend channel and than going long, however there is stiff resistance arround the 0.073 level which will XLM test in the next days. If it breaks through we can see it rise back to 0.08 levels.
Best of luck.
Nevertheless, it seems that bulls are defending the 0.058 level aggressively, so we can safely say that new strong support is forming. Since XLM touched that level it broke out of the current downtredn channel.
I would suggest waiting for the daily candle to close above the trend channel and than going long, however there is stiff resistance arround the 0.073 level which will XLM test in the next days. If it breaks through we can see it rise back to 0.08 levels.
Best of luck.
Comment:
breakout confirmed