The BAT Always Pushed The Stellar To Achieve Highest Price EverThe XLM token started with the opening price of $0.002251 in Jan 2017 as per Kraken exchange and reached at $0.06700 within 4 months on May 2017 that was more than 2,876% huge bullish move which brought the Stellar in lime light and in a very short period of time the token came among the top cryptocurrenices list.
The market cap was increased from 17,173,226 to 585,609,334 which was more than 3310% difference.
Then after May 2017 to July 2017 the XLM faced strong bearish trend and the price action dropped from $0.067 to $0.0122 and that was a really huge loss of more than 81%.
For more than 3 months this bearish trend was continued and on week chart every candle stick was being closed lower than the previous candle stick and the people were expecting more worst situation for future.
Upto July 2017 the Stellar was not as that much older that the traders would get signals from different indicators on week chart even the first exponential moving average with time period of 20 was appeared in May 2017.
The Nature's Role:
But in the meanwhile the nature was playing its role and the supply and demand of traders formed a harmonic pattern that was a bullish BAT harmonic pattern. After initial leg which was from Mar 2017 to May 2017 the B leg was retraced upto 0.50 Fibonacci and B to C leg projected between 0.382 to 0.886 Fibonacci and this was the projection of A to B leg as exactly required for BAT. Then the last C to D leg retraced between 0.786 to 0.886 and this was the potential reversal zone as per bullish BAT, then from July to Aug 2017 the consolidation period started and the price action moved sideways. Then in all of a sudden the exponential moving average 10 which was likely to cross down the EMA 20 to form a death cross, moved aggressively up and in very next week the price action hit the 51 cents which is the all time high sofar by Lumens.
This time the Stellar is making almost similar move and this move is more broader than the previous move of 2017, and we also have more indicators and moving averages available to measure the priceline moves.
After Feb 2018 we had a strong bear move which leaded more than 69% loss then in the month of April 2018 the bulls took the charge again and brought the XLM price upto $0.46200 and recovered more than 59% loss but this move was not for making another high therefore after hitting the $0.46200 the bears took the charge again and leaded the price action upto $0.052 in Sep 2019 which was more than 89% loss from the highest ever price of $0.5100.
1st sign of breakout:
Since Feb 2018 the price action was moving within a pennant and after a year on Feb 2018 the priceline hit the second time on pennant support and this hit produced a bounce which leaded the price to hit the resistance of pennant and broke out on May 2019, during this the exponential moving average 10 was likely to cross up the EMA 20 but could not make this golden cross then a price correction period started which leaded the price again down upto $0.0542, this time the RSI went in oversold zone and now the EMA 10 is again moving up to make another attempt to form a golden cross with EMA 20 if this golden cross will be successfully formed then it can again lead the price action for all time high as it took place in Aug 2017. We have the MACD strong bullish.
Stochastic upto month chart has given bull cross.
The Nature Is Again Playing Its Role:
Again the buying and selling trend from the humans has given the price action some certain directions and the Stellar has formed again a very big natural bullish BAT pattern on month chart.
After initial leg the A to B leg is almost retraced upto 0.50 Fibonacci and B to C leg is moved the projection area of A to B leg between 0.382 to 0.886 Fibonacci and now again the last leg is retraced between 0.786 upto 0.886 Fibonacci And this time the Stellar price is again entered in potential reversal zone of BAT like it was in July 2017 and now we can expect another very strong bullish divergence which can lead the price action to achieve higher than the previous high 51 cents.
Even though this move can lead to the highest ever price in the history of XLM but realistically we can sell between 0.382 ot 0.786 Fibonacci projection of A to D leg, so the targets can be as below:
Buy between: $0.110241 to $0.059381
Sell between: $0.231517 to $0.413568
Regards,
Atif Akbar (moon333)
