If XLM stays true to this ascending channel formation, we should expect to see a bounce into wave 5 very soon. We have a major resistance at the 0.00005 price level. Once we can break through, we should be able to target around 0.000055 before a correction occurs. This is a short term trade. We may break down into correction at any time now, it will all depend on market conditions.
Zooming in to the hourly chart, you can see this downward trend that we have been following for a couple days. It looks like we are trying to break out right now, but we will need to see some volume come in for the reversal to be sustained.
XLM is a very strong project, having very low risk of a fundamental failure and catastrophic collapse. However, this is the crypto market, you must be prepared for anything. I feel confident that we will see upside over the next few days. This would have been a great trade if you were in position at the bottom. I have just regained access to my steemit account, so I will be posting new ideas regularly.
THIS IS NOT FINANCIAL ADVICE. USE FOR EDUCATIONAL PURPOSES ONLY. THE CRYPTOCURRENCY MARKET IS HIGHLY VOLATILE. DO YOUR OWN RESEARCH. NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE!
