A short opportunity for XLM
Updated
Firstly XLM is on a clear downtrend as signified by the descending resistance line. XLM is also having trouble breaking above the 0.5 fib resistance line, if XLM fails to break the 0.5 fib line then it is very likely that the coin will reach the next fib line as there appears to be no support zones in between the 0.5 and 0.618 fib lines. There also appears to be minimal volume indicating low interest in buying this coin at these price levels. To top this short analysis off there is a very clear hidden bearish divergence on the daily time frame as XLM has painted a lower high in its price and and higher high in its RSI oscillator. I will be looking to short on the next green daily candle if it touches and fails to break the 0.5 fib line. Thanks for reading!
Note
Perfect drop since my idea got published. XLM has been painting a beautiful inverse cup and handle and has broken down from its cup level which was at 2740 sats, I personally can see XLM dropping further to around the 0.786 fib level
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