Technical Analysis for XLMUSD for 14th October 2022
Stellar Finds Support, will XLM Break $0.130?
Past Performance of XLM
Stellar prices were in green in September when most assets, including Bitcoin, posted losses versus a strong USD. At spot rates, XLM is under pressure, dropping in a bear breakout formation, as evident in the daily chart. Despite the rejection of lower prices on October 13, the coin is still down 13 percent from September highs. Bulls appear to be struggling against a strong wave of liquidation.
Stellar Technical Analysis
XLM prices reversed from $0.107, finding support from the 78.6 percent Fibonacci retracement level of the September 2022 trade range. As the broader crypto market finds relief, optimistic traders may buy the dips above $0.107, targeting $0.130, which is this week's high, expecting XLM primary trend established in September 2022 to continue. This forecast will be valid if XLM prices rally from spot rates above $0.130. If not, any drop below $0.107 will continue the liquidation of early October, possibly forcing the coin towards 2022 lows at $0.100, a critical support level.
What to Expect from XLM
The crypto market is finding support, and XLM may rise with the tide. However, traders can wait for a clearer trend definition above this week's highs. This will cancel out doubts about the strength of the uptrend and resume the primary trend from mid-September 2022.
Resistance level to watch: $0.130
Support level to watch: $0.100
Disclaimer: Opinions expressed are not investment advice. Do your research.
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