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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.

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