Stellar Lumen recovered nearly thirty percent in value

Stellar Lumen recovered nearly thirty percent in value

Stellar Lumen XLM is attempting to build on recent trading gains after the cryptocurrency recovered nearly thirty percent in value from the late-September market slump. However, both the trading four-hour and daily time frames currently warn that it may be too early to call a long-term bottom in the cryptocurrency. "Stellar Lumen recovered nearly thirty percent in value"

Stellar Lumen recovered nearly thirty percent in value

With the total crypto market technically bearish momentum and many top-ranking coins still pulling lower levels, the XLM / USD pair still faces a monumental challenge to change its overall trading outlook. Both the trading four-hour and daily time frames highlight bearish pattern breakouts.

The four-hour time frame charts show that a bearish breakout from an ascending triangle pattern has recently occurred, although downside momentum is lacking. Should an XLM bullish reversal occur above the pattern, the upside projection of the pattern suggests a possible recovery towards the $0.074000 level.

Furthermore, the daily trading chart is also showing that a huge inverted head and shoulders pattern could start to take shape if the XLM / USD pair recovers towards the June 26th swing-high.

In the short-term trading,  Stellar XLM bearish head and shoulders pattern is currently in play across the daily time frame, with buyers needing to move price above the $0.084000 level to relieve downside pressure.

Going forward, short-term buyers urgently need to resume the recent recovery. If an uptrend recovery is not forthcoming over the coming sessions of trading stellar, the XLM / USD pair risks slumping back towards its current yearly trading-low, around the 0.048800 level.

Stellar Lumen XLM has staged an impressive double-digit recovery from its 2019 trading low, which could mark an important long-term price floor.

The XLM / USD pair needs to hold a price above the $0.063500 level to inspire a possible rally towards the $0.074000 level. If a Bull rally fails to materialize, the cryptocurrency could come under severe downside pressure.

Post a Comment

0 Comments