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- XLM price ave given a breakout from a triangle pattern on the daily charts
- XLM is expected to rise by 118% or achieve $0.5 levels
XLM price have successfully broken out from the fag and pole pattern, visible on the line chart on January 28, 2021. The prices are steadily surging as of now. The price might touch $0.5 also, considering the pole’s length – $0.272. The market cap and 24-hour volumes are $7,533,285,840 and $511,823,865 respectively.
Stellar Lumens Price Facing A Diaphanous Resistance
Post the breakout; the coin was expected to achieve the target of $0.5. However, a diaphanous resistance is found along with the recent candles’ upper wicks, which have made it quite laborious for the coin to surge further. The longer upper wicks are pointing to the possibility of profit booking by the bulls.
The coin is above 10EMA($0.3), 20EMA($0.2916) and 50EMA($0.2486) which renders support to the price. However, the recent selling has made the VWAP crossover the prices and insert resistance over the prices from $0.3386.
The Bollinger Bands are still favouring the bulls, as the upper band continues to expand against the contracted lower band. The upper band is restricting the prices at $0.3647 while the median(10EMA) and lower band are at $0.29 and $0.2320,
The RSI is at 63 levels; with the vanishing upward momentum due to the profit booking, the possibility of consolidation or reversals has increased. The indicators’ support is at 45, while the resistance is at $80.
The MACD(8,21,5) signalled weakness in the trend as the signal line and slow line are moving towards each other, suggesting a possible consolidation. The indicator might flash a sell signal later, prompting the bulls to leave the trades.
Conclusion
Stellar Lumens price are currently facing some selling pressure after the breakout, which have reduced the possibility of achieving $0.5 levels.
Support: $0.29-0.3(10EMA and 20EMA), $0.282(pivot level) and $0.2487(50 EMA)
Resistance: $0.364(Upper BB) and $0.3937(pivot level)
