Is XLM in the sights for new bullish rally?It's funny. XLM, an old-school cryptocurrency, is undecided about where to move forward, or so its market would have us believe.
Currently, in XLMUSDT, on the 4H chart, a descending triangle is present, which, figures its break to the upside, but for the 3rd time. This is because the previous 2 attempts never made the ideal confirmation (on the second attempt it did but fell below, so I consider the 3rd as true) and therefore ended up creating a false break.
Now that if this 3rd breakout is witnessed with a real materialized Throwback, I can see light at the end of the tunnel for this cryptoactive.
This light is accompanied by a rectangle (range symbol) on the 4H chart, which shows the consolidation of the price after the true breakout. In turn, we must accompany this with another remarkable figure:
An ascending channel in graph 1H, which coincides with the end of a descending channel, both within the aforementioned range. And this shows upside potential knowing that said bullish channel continues to wake up until the breakout of the rectangle.
And, to complete these indicators, we must mention the 200 EMA in the 4H chart that has been mercilessly breached. Giving another perspective to this asset that may indicate, in a predictable way, a change to a real uptrend. This EMA can be confirmed to give rise to the forecast.
Also, the 200 EMA of 1D is also taken into account, which can be fundamental for the growth of XLM after 0.13$
Now, in the following image I place the possible points of Target for profit collection. Of course, depending on the objectives of each one, they will decide whether to fulfill them or go for other objectives.
Sorry for the pictures, I don't have a pro account yet. I hope at some point to have it so that my ideas are more illustrative.
It is a pleasure to bring you this new idea, and I thank you for the support I have received. I love trading and I wish that my ideas can greatly serve you all.
Salaje writes to you, until next time!
