Stellar (XLM) Broke out From Descending Triangle can Hits New 52-Week

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  • XLM breaks the descending triangle pattern and heading for the target of $0.19
  • The investors should expect bullish momentum as XLM just completed retracement from 1st wave on a higher timeframe.
  • The pair of XLM/BTC slips over 0.41% in intraday and stands at 0.00000836 BTC 
Source:tradingview

Over the monthly chart, XLM gives a positive breakout from the descending triangle pattern, after a positive rally from the lower level of $0.081 to $0.23 then after a profit booking session it hits the lower levels of $0.150 can be considered the support for the short term. The price is continuously trading in descending triangle pattern and a positive breakout now targeting the higher levels of $0.190, $0.210 and $0.230 in the coming trading sessions. The support on the lower levels is placed at $0.150 and the strong support is $0.070, while the resistance on the higher side is placed at $0.230. Currently, XLM is trading above the 9, 21, 50 and 200-Day Moving Averages, indicating the strength of bullish momentum will continue. 

Source:tradingview

The Moving Average Convergence Divergence (MACD) currently indicates the bearish trend on the one Day chart and gives a negative crossover with the significance of Bear’s line (black) over Bull’s line (yellow), However, a positive crossover is expected as the black line is heading towards the yellow line which points out to further upside. 

Source:tradingview
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The daily chart of XLM indicating the bullish momentum over the lower time frame of 15-min, as trading in the pattern of higher-top lower bottom sequence. Over the daily chart, 50-DMA is acting as the support, while the 21-DMA is now heading towards the 50-DMA again indicating the bullish momentum in the coming trading sessions. 

Source:tradingview

The weekly chart indicating the bullish momentum, as making the rounding bottom pattern. A bullish pin bar candle which is showing support, next candle needs to stay above to confirm an uptrend.

Support levels: $0.150 and $0.070

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Resistance levels: $0.230.

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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