- The Bulls XLM tried to return the level of $ 0.3 to support again
- RSI and OBV on the 4 -hour graph gave first signs of rise
While Stellar (XLM) has continued to maintain a downward trajectory, the volume of trading has been low in recent weeks. This suggests that the scholarship was just a product of the broader uncertainty of the market and the loss of Bitcoin (BTC).
In fact, the token seemed to be a critical moment on the lower price cards on the calendar. The bulls also disputed the resistance level of $ 0.3. Therefore, the question – can they succeed in creating a break?
The stellar forms a short -term range and faces resistance up to $ 0.31
Source: XLM / USDT on tradingView
The level of fibonacci retracement of 61.8% was transferred from the support to the resistance. At the time of the press, the price experienced a rebound of 19% in one day and tested the region of $ 0.299 as a resistance. Bulls may be rejected again.
The market structure for a day had been down throughout February. Until it changes, Swing Traders should not bet on a bullish reversal. Instead, the prices of prices such as the most recent could offer an opportunity to sell.
At the time of the press, the RSI on the daily graphic remained less than 40 to reflect down importance, but the OBV was not on a downward trend. This highlighted the lack of high sales volume, despite the losses in February. This has suggested the potential of rapid recovery, if bitcoin can run things.
Source: XLM / USDT on tradingView
The 4 -hour table revealed beach training between $ 0.256 and $ 0.3. Just above, the fair gap of $ 0.303 to $ 0.31 was also likely to oppose the progress of the Bulls. Consequently, even if the RSI was above the neutral 50 and the OBR crossed the local summit, the traders can expect a lower decision.
The invalidation of this idea would be a retest of $ 0.3 as a support, followed by an overtaking beyond $ 0.31. Meanwhile, rejection from $ 0.3 to $ 0.31 can be used so as not to fail on XLM, targeting levels of $ 0.273 and $ 0.256.
Source: Coringlass
The liquidation thermal card last week has highlighted a strong magnetic zone just above. The area from 0.303 to 0.31 $ 0.31 has a group of liquidation levels which could be tested before a downward reversal. However, traders must remain cautious.
The one month liquidation thermal card revealed that the levels of $ 0.35 and $ 0.37 were also large areas of liquidation which could attract the price of Stellar for themselves. Therefore, if the level of $ 0.3 is overturned to support, traders should return their lower bias and anticipate other gains.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
