XLM - Falling Wedge (Reversal) - Keep an eye out
Since early January, XLM has been steadily down-trending. What's easy to see is the Falling Wedge pattern that's been developing on the daily chart. Falling Wedge is a bullish 3-6 month pattern and we are nearing the 3 month mark (beginning of April).
XLM can, and probably will, still drop lower before this reversal happens - hopefully, no lower than 16 cents... but that lowest resistance line is even uglier. When the reversal does (or is about to) happen, look for a Bullish Divergence, a heavy spike in volume, and a true breakout over the upper resistance. Beware the false breakout and expect a correction afterward.
Target : 66+ cents optimistically, 56 cents realistically.
XLM can, and probably will, still drop lower before this reversal happens - hopefully, no lower than 16 cents... but that lowest resistance line is even uglier. When the reversal does (or is about to) happen, look for a Bullish Divergence, a heavy spike in volume, and a true breakout over the upper resistance. Beware the false breakout and expect a correction afterward.
Target : 66+ cents optimistically, 56 cents realistically.
Kommentera:
On its way. Waiting for it to settle over 31.9 cents for confirmation
This, of course, is also dependent on where BTC goes, too.