Welcome to this TA on XLM.
We can observe from the daily charts that we are experience a hell of a squeeze on the bollinger bands as the price coils in within a wedge at around 1500sats. We can only await a breakout or breakdown at this point.
However, is it going UP or DOWN?? That's the big question.
The 4hr charts give us a bit more insight into this. It remains clear that price is downtrending (trailing below all three MAs at different timescales). However, as the price consistently retests the longer term MA (200MA in red), we can observe price action making higher lows, indicating stronger support. It remains to be seen if price can break above this overhead resistance.
This is how i would play it:
1 - Watch for volume
2 - Watch for price if it breaks above the three Moving Averages
3 - If volume does follow through, we may likely see a huge upward movement
4 - Plan exits at Fib levels, mid term would be the previous high (just below 1900 sats), about the same level as the anticipated 100MA (in orange)
Happy trading lads!
We can observe from the daily charts that we are experience a hell of a squeeze on the bollinger bands as the price coils in within a wedge at around 1500sats. We can only await a breakout or breakdown at this point.
However, is it going UP or DOWN?? That's the big question.
The 4hr charts give us a bit more insight into this. It remains clear that price is downtrending (trailing below all three MAs at different timescales). However, as the price consistently retests the longer term MA (200MA in red), we can observe price action making higher lows, indicating stronger support. It remains to be seen if price can break above this overhead resistance.
This is how i would play it:
1 - Watch for volume
2 - Watch for price if it breaks above the three Moving Averages
3 - If volume does follow through, we may likely see a huge upward movement
4 - Plan exits at Fib levels, mid term would be the previous high (just below 1900 sats), about the same level as the anticipated 100MA (in orange)
Happy trading lads!
