Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. XLM is back at support but the trend is bearish Bitcoin is weak as well and a plunge could extend losses Stellar Lumens [XLM] managed to perform well on the price charts in recent weeks. […]
The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.Bitcoin is weak as well and a plunge could extend lossesmanaged to perform well on the price charts in recent weeks. It has been in a higher timeframe uptrend since early September, although it saw significant volatility on the way up. The past two weeks especially saw XLM gain nearly 22% from the swing low at $0.106 to the swing high at $0.1297.
The Relative Strength Index on the one-hour chart was at 38, well below neutral 50. The formation of lower highs and lower lows over the past two days meant that XLM was in a short-term downtrend. The Awesome Oscillator also showed strong bearish momentum. However, it formed green bars on its histogram as the price bounced from $0.122. Yet, the lower timeframe downtrend has not been broken yet.
The $0.122 and $0.116 levels can be used to buy XLM. Given Bitcoin’s weakness, however, a buying opportunity was quite risky. Instead, other, weaker assets can be chosen to enter short positions on. Alternatively a retest of these same levels as resistance can also be used to sell XLM.decreased significantly over the past 24 hours. At the same time, the price also plunged by nearly 5% at its lowest. Moreover, the short-term charts showed a downtrend in progress.
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