Technical Analysis for XLMUSD for 20th April 2023
Stellar Crashing, XLM May Retest $0.085 After a 54% Surge
Past Performance of XLM
After days of sideways movement, Stellar prices crumbled on April 19. The coin is now trading below critical support levels, now resistance, at the back of expanding volumes. Immediate resistance lies at April 19 high of around $0.10.
Stellar Technical Analysis
Bears appear to be flowing back, days after XLM rose 54% from mid-March. What's conspicuous is the wide-ranging bear bar of April 19 that broke below the middle BB with high volumes. This bar will anchor the short and medium-term formation. As such, as long as prices are below $0.10, traders can look for entries to unload, targeting $0.085, marking the base of the March 21 bull bar. This level also coincides with the 78.6% Fibonacci retracement level of the March to April 2023 trade range. On the lower end, bears may force the coin back to March 2023 lows at $0.075.
What to Expect from XLM
The retracement on April 19 follows weeks of horizontal consolidation. This represents a bear breakout, and there are higher odds of XLM printing lower in sessions ahead.
Resistance level to watch: $0.10
Support level to watch: $0.085
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.