Whats up everyone!?
Today we are back with a small update on XLM.
We got a request from one of our followers, to provide our analysis on XLM. 😀
Here are the timeframes we are considering right now (1D and 4H)
Due to high volatility in the market, smaller timeframes may not be suitable for analysis right now, but we will keep you posted as soon as we get an opportunity.
Our overall bias on $XLM: Neutral to Bullish.
We will be charting Both XLM/USD and XLM/BTC pairs.
First we will be charting on the USD pair:
XLM/USD 1D
Chart:
Overall Bias: Bullish
Buy zones have been marked!
Points to note:
- It broke above an almost long 550 day consolidation, or a falling wedge, which is very bullish in long term, so look out for buy zones, accumulate in these zones with stoploss.
- It is approaching the smaller daily resistance on daily, so, I personally feel waiting to see the reaction at these levels will be worth it.
Otherwise, if you are a HODLer, you can start buying in small quantities with stoploss at the appropriate levels.
XLM/USD 4H
Chart:
Overall Bias: Neutral to Bullish
Buy zones have been marked!
Points to note:
- Approaching the resistance marked on 1D chart, a close above will be bullish. Buy the breakout
- Overall trend: Up, so you can also buy the retest of the bullish trendline.
XLM/USD 4H (Moving averages and RSI; Because there is a small divergence)
Chart:
Overall Bias: Neutral
Points to note:
There is a small bearish divergence, so if you are considering the 1D timeframe,you can wait for a pullback! This is a supporting chart that there may be a small pullback.
Price is making higher high on smaller timeframe, and RSI is making lower low on lower timeframe.Note that this is a weak divergence, but may play out and break down as well.
Charting the BTC pair now!
XLM/BTC 1D
Chart:
Overall Bias: Neutral to Bullish(on breakout)
Buy zones have been marked on chart:
Points to note:
- It is ranging in a channel for almost 332 days.
- Breakout above will be very bullish.
- Note that the USD pair already broke out,
- Also note the resistance on the daily, if if breaks out. (thin red line)
XLM/BTC 1D
Chart:
Overall Bias: Neutral to Bullish(on breakout)
Buy zones have been marked
Points to note:
- Pretty much the same thing, ranging price action, buying on small pullback recommended.
Our take:
1D breakout looks interesting. There seems to be some interest on XLM!
Buying on pullbacks, or accumulating from now recommended.
Also keep eyes on the Bitcoin Dominance if you enter into Altcoins (explained here below:
(https://peakd.com/hive-167922/@beehivetrader/bitcoin-dominance-analysis-altszn-incoming)
Dont forget to upvote/comment/share and show some love if this analysis helped you!
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Nice analysis.
I am new to Hive
Also I joined Leofinance on seeing your post on twitter.
keep good content up!
Coin request: Raven coin please write one analysis on this coin!
Posted Using LeoFinance
Thanks for the request. We are coming soon with an update! :)
Keep supporting us, keep requesting (dont request us to chart all the 2000+ alts lol)
But hey, thanks again for the request :)
We will send a small notification through a memo once we have published the article.
Stay tuned!
Hey @ecoinstats, as requested! Do let us know if you'd like an analysis on any other tokens as well!
And thanks for the support! Much appreciated!! :)
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