As described on my post from February 27th, 2021 the retest of support/resistance levels (weekly and monthly) is quite necessary.
There was a good opportunity of profittaking, as mentioned before (buying in at 0,36$ and selling at the monthly resistance level of 0,466$).
We are still within the trading range of 0,36$ and 0,466$. As the interest grows, we could see a second test of the monthly level (0,466$), which might even surpass other weekly and monthly resistance levels - especially since Stellar Lumens has recently introduced new features (Horizon 2.0 / Smart Contracts) and partnerships (fundamental news function as catalysts). The interest in XLM has an odd habit of jumping in an extreme way, so that a 100% increase over a day has happened before.
You can also see on the chart, apart from the trading range, that XLM was / is in a long phase of accumulation (almost a month) and the price has just moved out of a wedge (trend), which of course if fractal information.
As usual, this is no financial advice - just my opinion and to be fair, I am currently invested in #XLM, which does not mean that you should!
I always appreciate constructive critical feedback!
There was a good opportunity of profittaking, as mentioned before (buying in at 0,36$ and selling at the monthly resistance level of 0,466$).
We are still within the trading range of 0,36$ and 0,466$. As the interest grows, we could see a second test of the monthly level (0,466$), which might even surpass other weekly and monthly resistance levels - especially since Stellar Lumens has recently introduced new features (Horizon 2.0 / Smart Contracts) and partnerships (fundamental news function as catalysts). The interest in XLM has an odd habit of jumping in an extreme way, so that a 100% increase over a day has happened before.
You can also see on the chart, apart from the trading range, that XLM was / is in a long phase of accumulation (almost a month) and the price has just moved out of a wedge (trend), which of course if fractal information.
As usual, this is no financial advice - just my opinion and to be fair, I am currently invested in #XLM, which does not mean that you should!
I always appreciate constructive critical feedback!
Note
No need to panic :-) At this point, there is a retest of support happening as mentioned above, but we are still within the trading range (0,36 to 0,466$). Let's see what the market will bring these next weeks.So far #XLM held on.
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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.