XLM Price Analysis: Flag And Pole Pattern Breakout, Price May Rise By 80%

XLM Prices Rising Consistently, Aiming For $0.5
  • XLM price has risen 27% after the breakout 
  • XLM price may rise 40% further 

XLM price has given a breakout from the flag pattern and rose 27%. The price seems to be rising further towards $0.5 levels. The market cap and 24-hour volume are currently at $7,693,691,650 and $628,562,288 respectively. 

XLM Prices Rising Consistently, Aiming For $0.5

XLM price has taken support along diagonal support which has carried the coin by 27%. The coin is making doji consistently, which suggest gradual participation by the bulls. 

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Volume analysis suggests a weaker bull trend, and so does price range price analysis which has a minor excess buying volume over selling volume. The data suggest a minor buying pressure. 

The price is also receiving support from 10EMA($0.325), 20EMA($0.30) and 50EMA($0.26). The presence of the price above EMA suggests bullish momentum to persist. 

The Bollinger Bands(median 10EMA) are contracting; an indicator of consolidation. The lower band and 10EMA are pushing the price up from $0.28 and $ 0.325 respectively. However, the upper band is restricting the price at $0.366. 

The RSI is at 62 levels. The indicator’s support exists at 45-50 levels while the indicator’s resistance exists at 80 levels.  

The MACD(8,21,5) indicates a possible reversal as the signal line approaches the slow line and might cross down, triggering a reversal. However, for now, the bull run is to persist. 

Conclusion – 

XLM price is in a weak bull run which is approaching a crucial resistance of the tip of flag and pole pattern. The indicators also suggest weakness or the possibility of a reversal. 

Support: 0EMA($0.325), 20EMA($0.30) and 50EMA($0.26)

Resistance: Upper BB($0.366) and Horizontal Resistance($0.386-$0.4)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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