XLM - Getting ready for higher price?

Stellar Lumens has been uptrending nicely over the past few days BUT has been caught in an ascending triangle validated by the drop off in volume nearing the end. It has been hitting its head multiple times around the top of this supply zone, which if it continues to fail could lead to the only other direction left to go (yes, sideways is possible).....DOWN!

MACD seems to be starting to turn lower looking at both metrics and the RSI has rejected once more at the trendline and is pushing up again but another failure could lead to a cooling off back down to midline. Price has also been supported so far by the 13EMA while both EMAs continue to trend upwards.

As we approach the end of the triangle, if we are to break above this resistance level, we need to see a break up on volume pushing up to the next supply zone around 4150 and any break down could lead us 3542 region.

Thanks guys!

تعليق:

XLM had a break down of the ascending wedge and one could have entered a short position on the retest of the FIB level. That would have been the best R:R play and could now target the demand zone around 3542.

MACD is starting to roll over and RSI rejected resistance once again and looks like it could be heading lower!