After a meteoric rise, rallying over 1000% in the past month alone, it finally appears to be forming a dragon head consolidation pattern. We’ve dipped as low as $0.62, but tested and rejected a Fibonacci level at $0.68. We are still testing the upper bound of the KRI, and are currently seated there at the time of this writing at about $0.74. Technically speaking, XLM is extraordinarily strong still, with both Kovach Momentum Indicators solidly bullish. Any dip into the $0.60 handle should be considered a buying opportunity, with the Fibonacci Extension level of $0.93 as a price target before we consider testing $1 again. Beware that today’s candle seems to be forming a giant doji which suggests some ambivalence, and could augur a reversal.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!
For daily commentary on cryptocurrencies, subscribe to our newsletter!
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!
For daily commentary on cryptocurrencies, subscribe to our newsletter!
Join my discord at discord.io/quantguy
