Stellar what's next
XLM has broken the trendline and the 50-day SMA after the panic selling across all the crypto today.
We forecasted in our previous analysis that if Stellar breaks the trendline it will fall to $0.30 and that what happened. This level emerged strong buying which took Stellar back to $0.45 level very quickly.
Actually, $0.45 level is 23.6 percent Fibonacci retracement level and where 50-day SMA is located now, so they both act as strong resistance as shown in the chart.
Therefore, aggressive traders can open long when a break out of the trendline, others they should wait for a bullish confirmation which is above $0.64.
On the other hand, if the next dip towards $0.30 holds the price, we suggest initiating long positions.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns.
We forecasted in our previous analysis that if Stellar breaks the trendline it will fall to $0.30 and that what happened. This level emerged strong buying which took Stellar back to $0.45 level very quickly.
Actually, $0.45 level is 23.6 percent Fibonacci retracement level and where 50-day SMA is located now, so they both act as strong resistance as shown in the chart.
Therefore, aggressive traders can open long when a break out of the trendline, others they should wait for a bullish confirmation which is above $0.64.
On the other hand, if the next dip towards $0.30 holds the price, we suggest initiating long positions.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.