XLM Analysis 08/21/2018

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XLM Analysis 08/21/2018

Posted on August 20th, 2018 in Technical Analysis by Ryan Warner

Stellar Lumens (XLM) has been trending upward since its pullback on August 18. What's going on and where does it seem it's going?

With all eyes on Bitcoin and the action it's going to take lately a lot of eyes have been turned from alt-coins. Though times like these alt-coins should not be ignored as they can be in periods of accumulation forr pending moves up right in front of our eyes.

Looking at the XLM 4 Hour chart we can see since its pullback on August 18th that XLM has established a nice uptrend. This, currently, appears to be quiet accumulation and the chances of a significant move up for the price of XLM are gaining favor.

Traders can look to enter at these prices with a stop-loss of $0.195 as this would invalidate bullish sentiment and mean that further moves down are expected.

Though as we are bullish on XLM we will look for the cryptocurrency to break above the previous resistance of $0.25 for a new leg up that could carry XLM to the recent high of $0.34.