XLM Continuation of movement within the triangle and test $0.5
Updated
After a strong wave of decline that continued in the XLM market from February 14 to 23, buyers were able to feel confident in themselves. The main prerequisite for this confidence is a liquid price zone of $0.31-0.33. This range first stopped a powerful wave of XLM price growth back in January 2021. Now it serves as a support for buyers and a critical point of the real growth trend:
As we can see on the chart, after February 23, buyers are confidently fixing above the range of $0.31-0.33, forming a triangle. In addition, we see that within this range is a black trend line, which keeps the price of XLM from a fatal fall to $0.2. Since the XLM market is currently within the triangle, there is a high probability of the start of a new local wave of decline.
If buyers manage to keep the range of $0.31-0.33, we will expect a new price shot towards $0.5.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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As we can see on the chart, after February 23, buyers are confidently fixing above the range of $0.31-0.33, forming a triangle. In addition, we see that within this range is a black trend line, which keeps the price of XLM from a fatal fall to $0.2. Since the XLM market is currently within the triangle, there is a high probability of the start of a new local wave of decline.
If buyers manage to keep the range of $0.31-0.33, we will expect a new price shot towards $0.5.
__________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
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