XLM price cannot fall below $0.30 – why?
Stellar (XMM) gained last month due to the broader market sentiment. Last week, however, the price of XLM was mostly flat – indicating that the correction may be nearing its end.
A few key chain and technical indicators are now suggesting that the bulls may soon be supporting the XLM bull market. Read on to find out how!
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The buyer-seller war will appear
On the daily chart, in the XLMERICEARICE triangle in the XLMMARIOR triangle – forms when buyers and sellers are in good shapeIt was possible. Low highs and highs indicate the place where the tunnels are ignited, and the high external level indicates that the price will mix in a surprise before reducing the price to anesthesia.
As the current pattern shows, both sides of the upper and lower trends of the triangle make the structure relatively weak. This setup suggests that it can happen with little pressure from buyers or sellers.
Because if a party had strong control, the other party could decide the short speed. Each of the small price swing tests will contain the real buyer-seller experience. In short, the next floor can depend on which side's actions first, which side is careful.
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After a three-month decline of more than 194 percent, the initial recovery could begin a major recovery phase.
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Selling pressure is decreasing rapidly
The Wyckoff volume chart, where you buy and sell through colored bars – supports this reading. Representing the activity of selling, yesterday has been gradually decreasing. It shows that sellers are slowly moving back when buyers begin to collect the available supply.
Interestingly, between October 17 and 18, the same pattern was revealed, where the unit rose 15.1 percent from the price of xlm. Some kind of structure seems to be re-creating now, suggesting that it will be presented in front of their labor. However, for the seller-specific weakness, blue or green bars must be approved.
Key steps to watch for XLM price recovery
Zooming into the chart, the price of XLM shows a strong support level of the “triangle bottom trend /” 0.30. If prices hold above $0.30, this level could be the completion of a 7.8% recovery towards $0.33.
A break above $0.33 could open the way to $0.35 and finally $0.39. Note that when you draw the upper crop line of the triangle last time, the line has two points of origin.
It shows that the price of XLM can be easily broken if the noise is received.
However, if XLM loses $0.30, the next key support is near $0.28. However, breaking $0.30 is unlikely, and that could lower the price of XLM.
For now, show Wyckoff's sell signals and a stable base near $0.30. As the market conditions worsen, it means that buyers will finally be able to control the price structure of Stellar (XLM).
