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Technical Analysis for XLMUSD for 1st December 2021

Stellar Lumens Boxed in a $0.10 Consolidation, XLM Buyers Target $0.40

The largest bank in Estonia, LHV, is now the first in the Baltics to support cryptocurrency trading. Among the first eight coins supported is Stellar (XLM).

Past Performance of XLM

The recovery of crypto prices across the board lifted Stellar Lumens prices as per the XLM technical analysis of the daily chart reveals. 

Currently, XLMUSDT prices are in a tight $0.10 zone with caps at $0.30—on the lower end—and $0.40—as the primary resistance and buy trigger—on the upper hand. 

Overall, buyers appear to be in charge, consolidating in a pause of October 2021 gains.

What to Expect of XLM

The uptrend is defined judging from the XLMUSDT candlestick formation in the daily chart. 

As it is, XLM buyers have a chance. 

The current sideways movement could be an accumulation for buyers. 

Notably, Stellar Lumens bears failed to breach $0.30. 

Instead, the rebound flashes with the 61.8 percent Fibonacci retracement level of the October 2021 trade range.

Stellar Lumens Technical Analysis

XLMUSDT is bullish and rebounding following the cool-off of late November 2021. 

In a buy trend resumption pattern, aggressive XLM traders might find entries on pullbacks above $0.30 to dig in, targeting $0.40. 

The multi-month resistance line is a critical level serving as a buy trigger for risk-averse buyers angling at 2021 highs of around $0.75. 

Losses below $0.30 might see bears of November 26 flow back, driving XLM to September 2021 lows of around $0.20.

Resistance level to watch: $0.40

Support level to watch: $0.30

Disclaimer: Opinions expressed are not investment advice. Do your research.

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