XLM Is The Only Major Crypto STILL In A Downtrend

Updated

Yup. Will XLM break out? It's continuously building pressure on the downtrend resistance, but it's possible Bitcoin will correct before it gets a chance to see higher prices. Either way, a lot of money will be made, regardless of direction. It's been consolidating between 11 and 13 cents for quite a while now. This is pretty much an illustration of why there isn't much resistance or support on either side. I think we're at a point where alts need some positive developments to get going. Unfortunately, there is a lot of fear and uncertainty surrounding XLM at the moment, particularly in regards to World Wire and their relationship with IBM. We all know crypto likes to surprise though...just a little bit of positive news could send this thing really flying, in my opinion. Likewise, some confirmed negative news may send it back to the lows (or even a new low). Either way, it's time to prepare for the move. I think if it can get back above that broken uptrend (purple) my bias will become more bullish. For now, it's neutral.

Additionally, if XLM bounces on the Bitcoin ratio soon, it could confirm a pretty serious bullish divergence (seen on the weekly chart) and finally break out of this enormous wedge:

Breakout targets:
1) $0.16
2) $0.18
3) $0.27-30
4) $0.90-1.00 (only if the entire space goes crazy again)

Breakdown targets:
1) $0.11
2) $0.08-0.09
3) $0.06-0.07
4) $0.045-0.05

This is not financial advice. Just a potential setup I'm seeing, and I'm REALLY curious to see which way it goes.

-Victor Cobra

Note

First two breakdown targets have been reached ($0.11 and $0.09). If alts can make a comeback here, perhaps XLM can finally break out of the downtrend.

VictorCobra

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