Stellar Lumens （XLM） has broken out of a descending resistance line, signaling potential bullish momentum. Key insights include full retracement support, volume surge, and a resistance flip, suggesting a positive outlook for XLM.
Points
- XLM breaks out of descending resistance line, indicating bullish momentum.
- Full retracement support from December 2017 high to May 2017 high.
- Volume surge and resistance flip highlight positive outlook.
- Potential rally towards $0.13 and beyond.
Stellar Lumens （XLM） has recently broken out of a descending resistance line, signaling a potential shift towards bullish momentum. The weekly chart reveals that XLM has fully retraced from its December 2017 high of $1.10 to the May 2017 high of $0.05. This level has acted as a robust support, serving as a springboard for XLM’s upward movements.
Despite being in a 23-month downtrend since its 2017 peak, analysts predict an upsurge in the coming days. For instance, Javon Marks believes that XLM is poised for a price rally to $0.681, as long as it remains free of the resisting trend.
A volume surge and a significant resistance flip have been observed, with XLM breaking through the crucial resistance at $0.07 and pushing towards the range high at $0.09. To sustain upward momentum, a retest near $0.073 is necessary to confirm the support/resistance flip. If XLM rallies towards $0.13, it will breach the weekly downtrend for the first time in 23 months.
Similarly, the XLM/BTC pair has shown promising signs, with high-volume spikes during the 2017 crypto mania and recent bullish momentum potentially triggering a rally towards $0.13 and beyond.
解説
- Bullish Momentum: XLM breaking out of the descending resistance line indicates a potential shift towards bullish momentum.
- Support Levels: Full retracement from December 2017 high to May 2017 high at $0.05 acts as strong support.
- Volume Surge: Increased trading volume and resistance flip highlight positive market sentiment and potential for further gains.
- Price Targets: Analysts predict a rally towards $0.13 and beyond if XLM sustains its upward momentum and confirms support levels.
- XLM/BTC Pair: Similar bullish trends observed in the XLM/BTC pair, suggesting broader market support for XLM’s price rally.