Hey friends, hope you are well and welcome to a new update on Stellar Lumens XLM.
Breakout from the wedge:
Previously we have seen that the price action of XLM was at the support of wedge and finally the priceline brokeout the resistance and spiket beyond $0.23.
Before breakout:
After breakout:
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The price action may re-test the resistance as support:
Now, if we take a look at the live weekly chart, then the priceline is moving down to re-test the previous resistance of wedge as support.
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Long-term support and resistance levels:
In the meanwhile, if we take a look at the long-term support and resistance levels on weekly chart, then the price action is moving between $0.20 resistance and $0.14 support levels.
Formation of BAT depends on breaking down SMA support:
Now if we take a look at the daily chart then priceline has been retraced down and also re-resting 25 simple moving average as support. If this support will be broken down then we can expect a drop for the completion of BAT move, but if the re-test will be successful then the priceline can move up to make another attetempt to breakout the $0.20 resistance level.
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Conclusion:
Even though the market sentiment is bullish, but the price action is also at the critical support of 25 simple moving average on daily chart. Therefore, we should keep an eye on this support if it will be collapsed, then the final leg of BAT will be formed.
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