🌓XLM has left the formation and is now back at support
On October 13th the price broke out from the symmetrical triangle, got rejected at horizontal resistance area, and is now back at support zone. Dynamic support is nearby which is boosting the strength of this area. Given the current trajectory of dynamic support we can see there's still a lot of room so it could take a while until we see an ultimate squeeze in this setup, however it still might be a decent trade, even if the set target is nearest resistance.
Entry: buy in the support area (current price)
Targets:
0.3422
0.3565
0.3657
0.3835
0.4367
0.5331
0.6091
0.6937
----------------
About XLM:
Stellar is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked — but soon afterwards, its priorities shifted to helping financial firms connect with one another through blockchain technology.
The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers, who often charge high fees for a similar service.
If all of this sounds familiar, it is worth noting that Stellar was originally based on the Ripple Labs protocol. The blockchain was created as a result of hard fork, and the code was subsequently rewritten.
Source: coinmarketcap
Entry: buy in the support area (current price)
Targets:
0.3422
0.3565
0.3657
0.3835
0.4367
0.5331
0.6091
0.6937
----------------
About XLM:
Stellar is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked — but soon afterwards, its priorities shifted to helping financial firms connect with one another through blockchain technology.
The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers, who often charge high fees for a similar service.
If all of this sounds familiar, it is worth noting that Stellar was originally based on the Ripple Labs protocol. The blockchain was created as a result of hard fork, and the code was subsequently rewritten.
Source: coinmarketcap
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.