TradeCityPro | XLM: Key Levels and Market Analysis👋 Welcome to TradeCity Pro!
In this analysis, I want to review XLM for you. This coin is one of the U.S.-based crypto projects, and given the recent surge in news regarding crypto and the U.S., it could experience significant volatility, making it suitable for trading.
📅 Daily Timeframe
On the daily timeframe, we can see a strong bullish leg that extended up to $0.5781 before entering a correction phase, forming a descending wedge.
🔍 At the moment, there is a very important support level close to the price. If $0.2827 is broken, we can expect a further correction toward the 0.5 or 0.618 Fibonacci retracement levels. Another key support level is at $0.1566.
⚡️ The $0.2827 zone is highly significant, as it overlaps with the 0.382 Fibonacci retracement, making it a crucial level. If the price finds support at this zone, we could see the next bullish leg begin. However, if this support is lost, the price could experience sharp downward movements.
🔼 For spot buying, the $0.3522 resistance has turned into a solid level, where the price has tested and rejected multiple times. If the wedge pattern and resistance break, you can enter a long position or consider spot buying.
🚀 The next resistance levels are $0.4896 and $0.5781. The ATH at $0.7791 is a major supply zone.
📊 In the next few days, pay close attention to volume. A rise in volume before a breakout could indicate an imminent move.
⏳ 4-Hour Timeframe
On the 4-hour timeframe, we can observe price action in more detail. There is strong resistance at $0.3522, where the price was rejected, leading to significant bearish momentum.
✅ Currently, the price is reacting to the $0.2817 zone, and after seven consecutive red candles, a green candle has formed. Previously, the price faked a breakout at this level, and now it has retested this zone again.
🔽 If $0.2817 is broken, a short position can be opened, with the next support at $0.2368. For long positions, wait until the price forms a structure and the $0.3102 trigger level is confirmed. The main long trigger will be a breakout above $0.3522.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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