XLM - Nice Pop, Will It Re-Test?XLM
A similar coin somewhat to XRP is also having a strong bounce today; up 14%.
Although it initially moved well out of the bear market within the pitchfork, XLM has looked quite weak since last summer.
And so rather than a bull market, this entire area looks like a potential accumulation.
If Bitcoin is bottoming then it could well be that the bottom for XLM is now in.
However, being so close to the bear market low; there is higher liquidity below the $0.7 support low that may attract market makers.
The retracement ratio is 0.91 which is very close to a full retracement and far beyond the 0.786 of the Golden Window.
This signals a higher probability that it will make a full retracement.
But crypto is very elastic so it could simply be bottoming right now.
If you like XLM then it may be worth picking some up now and through this area.
Because this could be the start of the next uptrend.
But bear in mind that if there is a BTC slump in the pipeline then this may re-test the low.
A $0.07 XLM and a little below would be a very nice deep value buy if it did get there 👀.
Not advice