At lest on the short term, XLM is still very bullish. Drawing a diagonal line of best fit connecting the lows (S1-S4) as price completed its retrace to S4 gave 4 points of contact/data points for diagonal support. From R1-R3 chart showed bullish rising wedge pattern testing similar resistance levels each run and setting higher lows each time, signaling that on retraces the coin is finding buyers to on each dip QUICKER. This is a very good sign. Next, the price broke diagonal support temporarily, setting a low at S5 and establishing a consolidation/sideways trend. this provides a significant lower support level in case price drops and breaks though new support at S7/S8 (upper side of horizontal channel). Notice that if you extend the upper left diagonal support line to the right R5 met resistance at it, and it's now become our new estimated price target for the short term traders in the next few hours/day.
Finally, the short term 7EMA is bullish, above the longer term 30SMA line, and diverging nicely with one of the largest candlesticks of the day as the price crossed to the upper side of the sideways channel.
Price is now above 2 very strong support lines decently close together providing lots of cushion for any temporary down movement. And has room to run. This coin has a very predictable upward chart pattern. To the moon, with a short term pullback to test the upper horizontal support, perhaps.
Finally, the short term 7EMA is bullish, above the longer term 30SMA line, and diverging nicely with one of the largest candlesticks of the day as the price crossed to the upper side of the sideways channel.
Price is now above 2 very strong support lines decently close together providing lots of cushion for any temporary down movement. And has room to run. This coin has a very predictable upward chart pattern. To the moon, with a short term pullback to test the upper horizontal support, perhaps.
Bình luận:
Drew a second diagonal support line parallel to the first one, that will now act as possible diagonal support after price resumes higher after testing new support at around 0.90.