XLM Needs to Break Weekly Resistance to see solid growth
XLM is currently stuck in a range and has been quite difficult to get a good long position opened on without getting swept back down to weekly support.
Overall the bias is bullish and price is holding above the ema's. We need a close above .43c and and consolidate above it to turn it into support. Once this happens we should be able to see XLM find its way back to the next level around .56 cents area and then ATH.
I wouldn't trade in the current area on longer timeframes here. Bollinger bands are getting quite tight so we could see a decisive move soon, expectation to the upside but it could also wick down to sweep the longs then go up. If we get any wicks down bellow .34 cents that would be a good area to open up a long.
not financial advice.
Overall the bias is bullish and price is holding above the ema's. We need a close above .43c and and consolidate above it to turn it into support. Once this happens we should be able to see XLM find its way back to the next level around .56 cents area and then ATH.
I wouldn't trade in the current area on longer timeframes here. Bollinger bands are getting quite tight so we could see a decisive move soon, expectation to the upside but it could also wick down to sweep the longs then go up. If we get any wicks down bellow .34 cents that would be a good area to open up a long.
not financial advice.
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