Technical Analysis for XLMUSD for 22nd November 2021
Stellar Lumens in Accumulation Above $0.30, Will XLM Bulls Rebuff Sellers?
Past Performance of Stellar Lumens
The technical candlestick arrangement of XLMUSDT points to strength.
It is despite the failure of buyers to completely reverse losses of September by closing above $0.45.
As per the XLM technical analysis of the daily chart, prices are consolidating inside a $0.15 zone capped at $0.45 and $0.30 on the upper and lower ends, respectively.
What to Expect of Stellar Lumens
The correlation with Ripple could be a factor of strength for XLM.
Even so, the medium-to-long term trend depends on a break above $0.45 and the printing of a new Q4 2021 high.
If not, XLMUSDT prices are bearish from an Effort-versus-Results perspective as long as they trend inside the September 2021 bear bar.
In the immediate term, losses below $0.30 may see XLM bears flow back, forcing the coin back to $0.25—September 2021 lows.
Stellar Lumens Technical Analysis
As mentioned earlier, XLM sellers appear to be in charge even amid the consolidation.
Risk-averse XLM traders can wait for a clear, trend-defining breakout in either direction before committing regardless of the remarkable performance in October 2021.
A close above $0.45 may see XLMUSDT rise to $0.75.
On the flip side, a high-volume close below $0.30 may force the coin back to $0.25.
Resistance level to watch: $0.45
Support level to watch: $0.30
Disclaimer: Opinions expressed are not investment advice. Do your research.
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