XLM Analysis | Key Levels on Weekly TF
Updated
On the weekly timeframe, a "falling wedge" pattern has formed, which is typically a bullish reversal pattern. The price is consolidating within this figure. The current situation, along with the weakening selling pressure during this consolidation phase, suggests that a bullish reversal may be imminent. A successful breakout above the upper boundary, particularly if accompanied by increasing buying volume, could propel the price towards the target range of $0.21 - $0.24. However, if the price fails to break above the resistance zone and sustain above the $0.24 level on the weekly timeframe, it may face a retest of the support level at $0.10 - $0.071. This could lead to the formation of a new lower low, potentially revisiting levels last seen in March 2020.
🔴 Key Resistance Levels: $0.21 - $0.24
🟢 Key Support Levels: $0.10 - $0.071
❕Always remember the golden rule of investing: never risk more than you can afford to lose. Trade carefully and wisely, and may each of your transactions be successful!
🔴 Key Resistance Levels: $0.21 - $0.24
🟢 Key Support Levels: $0.10 - $0.071
❕Always remember the golden rule of investing: never risk more than you can afford to lose. Trade carefully and wisely, and may each of your transactions be successful!
Note
Disclaimer:Content for seasoned traders only. Not financial advice. You bear sole responsibility for trading outcomes. Conduct due diligence.
Always remember the golden rule of investing: never risk more than you can afford to lose. Trade carefully and wisely. May each of your transactions be successful!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.