Market Cap. $6.69B
Circulating Supply 18.57B XLM
Max Supply: 0 XLM
Volume (24h): $177.67M
XLM/USD increased sharply in the last days and has managed to jump above some very important resistance levels. Stellar increased like the other major crypto after the massive drop but remains to see how long the rebound will be.
XLM/USD has finally managed to breakout above the downtrend line. Price has failed to reach this line since January 2018. You can see that I’ve added an ascending pitchfork hoping that I’ll catch a significant upside movement.
The rate has made several false breakdowns below the lower median line (LML) of the ascending pitchfork. It has failed to stay below the 0.2000000 psychological level and now tries to reach new highs.
Stellar increased by 60.22% in the last 7-days and has managed to jump above the 50% Fibonacci line (ascending dotted line) and above the 0.3433903 static resistance. The breakout needs confirmation because another false breakout above the 50% Fibonacci line will send the rate down again.
A valid breakout will lead the rate towards the next upside target represented by the median line (ML). The major upside target remains at the upper median line (UML) as long as the rate stays within the ascending pitchfork’s body.
Price has come back down to test and retest the broken 50% Fibonacci line and the 0.3433903 level. We should wait to see if this will really be a valid breakout before we go long on this crypto. A failure to stay above the 50% line could signal a minor corrective phase. Stellar could still increase despite a minor drop as long as stays above the outside sliding line (SL).