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Market Analysis

XLM Technical Analysis – Bullish breakout

XLM has been setting new lows ever since price peaked at $1 at the start of 2018. The latest low was set near $0.04, making the total downside retracement a staggering -96% in 3 years. But this may be about to change with the potential break of the lower high and lower low bearish structure.

XLM’s PA ranged inside a falling wedge for almost an entire year since Feb 2019. That wedge was finally broken to the upside and retested at the end of last month. The target for this particular pattern in this case is $0.1335, a 74% increase from today’s price ($0.0767). With good momentum, that target can easily extend towards the weekly $0.1445 key level.

From a weekly perspective, the previous lower high was set at $0.079, by closing a candle above it with the help of the falling wedge, that bearish structure can come to an end.

Our current bullish bias would be invalidated by a daily closure below the grey [$0.070-$0.079] area.

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