Technical Analysis for XLMUSD for 8th November 2021
Stellar Lumens in Range, will XLM Bulls Clear $0.40 for a Potential 2X?
Past Performance of XLM
The Stellar Lumens price is in an extended consolidation spanning weeks.
Currently, XLM/USDT prices have resistance at $0.40 or October 2021 highs with support at around $0.30—the October 27 low.
Despite the accumulation, buyers have a chance since there have been a series of higher highs in the past few days in a rising wider wedge.
What to Expect of XLM
XLM technical analysis points to indecision as XLM/USDT oscillates in a tight $0.10 zone with identifiable caps at $0.40 to the upside and $0.30 to the lower end.
Besides, the middle BB acts as a liquidation line.
Still, a high volume--preferably wide-ranging--close above $0.40 would nullify bears, setting the base for a possible leg up towards $0.80—the H2 2021 high.
Stellar Lumens Technical Analysis
The XLM price is at a critical juncture near Q3 2021 highs. Notably, XLM/USDT prices are within the September 7 and October 27 bear candlesticks.
These bars are with high volumes and wide-ranging, influencing the trend.
Therefore, a close above $0.40 will shake off selling pressure, relieving XLM buyers.
In that eventuality, the resulting demand may drive XLM prices to $0.80—for a 2X rally.
However, a dump below $0.30 and October 27 low would slow down sellers, forcing a sell-off towards critical reaction levels at $0.25—September 2021 lows—and $0.20—Q3 2021 lows.
Resistance level to watch: $0.40
Support level to watch: $0.30
Disclaimer: Opinions expressed are not investment advice. Do your research.