Technical Analysis for XLMUSD for 17th May 2022
Stellar Lumens Surges 30%, Resistance at $0.16
Past Performance of XLM
Stellar Lumens is up 30 percent from last week's lows. Currently, XLM is stable in the past 24 hours and down double digits versus the USDT in the past trading week. Generally, the coin remains under pressure and within a bear breakout formation below Q1 2022 lows.
Stellar Lumens Technical Analysis
The XLM coin is changing hands at $0.13 at spot rates, with support at $0.12 and within the May 11 bear candlestick.
Buyers have been successful in the last few trading sessions. However, from a top-down analysis, the coin is still within a bear breakout formation with immediate resistance at $0.16.
The current formation points to a possible retest that will be validated if buyers successfully soak selling pressure to unwind last week's losses. Notably, the leg up has lower trading volumes, suggesting low trader participation.
If buyers push prices past May 11 highs and $0.16 to the Q1 2022 trade range, the bounce will present a bottom-up. In that case, buyers would have a solid foundation to retest April 2022 highs of $0.24.
What to Expect from XLM
Despite the confidence, sellers have the upper hand as long as prices are capped below $0.16. This preview is further supported by low trading volumes behind the recovery from last week's lows of $0.10.
Resistance level to watch: $0.16
Support level to watch: $0.12
Disclaimer: Opinions expressed are not investment advice. Do your research.
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