XLM: Breakout turned fakeout
XLM broke-out of the ascending triangle that is highlighted in blue only to crash and burn and actually break down below the triangle, falling near crucial support.
The area of support XLM is dancing around right now is the 0.00003 area, and if XLM does not bounce back near 0.00032-0.00034 I will be very bearish as that 0.00003 area will be support turned resistance, and there is a good amount of room to drop there.
If this 0.0003 support is broken with confidence, a potential slow bleed and significant price depreciation may be imminent, up to a potential -80% drop to the next real support zone.
Neutral until XLM makes a decision of this 0.0003 support area, watching for a potential bounce or defining break.
XLM has not been affected much by the 11-month bear market, and has even pumped multiple times throughout it. Only recently has XLM started to see some real hits in price, testing some crucial support currently.
No longer posting links in trading view descriptions, but you can find my twitter in my trading view profile bio. I have a discord group which can be found on my twitter.
The area of support XLM is dancing around right now is the 0.00003 area, and if XLM does not bounce back near 0.00032-0.00034 I will be very bearish as that 0.00003 area will be support turned resistance, and there is a good amount of room to drop there.
If this 0.0003 support is broken with confidence, a potential slow bleed and significant price depreciation may be imminent, up to a potential -80% drop to the next real support zone.
Neutral until XLM makes a decision of this 0.0003 support area, watching for a potential bounce or defining break.
XLM has not been affected much by the 11-month bear market, and has even pumped multiple times throughout it. Only recently has XLM started to see some real hits in price, testing some crucial support currently.
No longer posting links in trading view descriptions, but you can find my twitter in my trading view profile bio. I have a discord group which can be found on my twitter.
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