XLM Technical Analysis: A Dangerous Lull
Table of contents
The trading week on 4 April was a week of counter-attacks by sellers. But, both the local growth wave and the local fall wave occur at catastrophically low volumes. This fact adds a manipulative factor and does not allow us to believe the candles, which are literally drawn on the chart.
At the time of writing, buyers have been able to stop the XLM price from falling and there is a high probability of a local rebound to the $0.25 range. If buyers are unable to take control of this range during this attack, we will expect another fall wave with a final target of $0.14. It is in this range that it is quite hasty to buy XLM cryptocurrency with a global target of $0.4.
Technical Analysis Of XLM On The Daily Timeframe
Analyzing the movement of the XLM price on the daily timeframe, you can see that the price stopped on 11 April in a very interesting place. This place is the local range of $0.19. This range played a key role in slowing the downward trend between 22 January and 3 February. It was in this range that the aggressive fall came to a halt. So later there was a breakdown of this range, but it was wrong.
Conclusion - the main position of buyers to form a new growth wave was gaining in the range of $0.19. If buyers now retain control of this range - this will be the first step to starting aggressive growth and breaking the mark of $0.25. At the time of writing, the daily timeframe does not yet show convincing evidence of control of the $0.25 range.
Therefore, it is worth waiting for the last exhausting attack of sellers, after the failure of which a new growth impulse will begin. In the event that buyers lose control of the $0.19 mark, we will expect an update of the local low of XLM cryptocurrency.
The XLMBTC Price Is Moving Peacefully In The Fall Channel
Unfortunately, looking at the weekly chart of the XLMBTC price movement, you can't say about any interception of the initiative. The peaceful movement of the XLMBTC price within the falling channel is mesmerizing with calm and critically low volumes. The XLMBTC price again tested the critical range of 0.00000410. Though, this time buyers did not organize any counterattack. It is still unclear where the giveaway game will go. But, in any case, we should not make trade decisions while we are dealing with a dormant crypto volcano. Why? Because a real volcano always shoots up. Crypto volcanoes shoot great and down.