A look at the logarithmic chart for XLM shows that price is trading at $0.08, at the edge of the long-term support area formed by the highs of April 2017 and slightly below the 200-period MA.
Furthermore, multiple bearish crosses have occurred, and the price is also trading below the Ichimoku Cloud.
The RSI is at 37, and there is no divergence of any kind.
However, the MACD is steadying and possibly setting itself up for a bullish cross.
A look at the 3-day chart gives a more positive outlook.
First, there is a significant bullish divergence in the RSI.
Second, the MACD has rejected a bullish cross and is moving upward with strength.
However, the price is facing very close resistance from the 21-period MA and is trading below the Ichimoku cloud.
A look at the Daily chart gives an even more bullish outlook.
There is a very significant bullish divergence developing in both the RSI and the MACD, the latter of which is almost positive.
Similar to the 3-day chart, the price is facing very close resistance from the 21-period MA and is trading below all the moving averages and the Ichimoku cloud.
Short-Term Outlook and Price Prediction
A look at the 4-hour chart shows that price has broken from the short-term resistance line and after validating it is moving upward.
Furthermore, we can see three minor resistance areas, the first near $0.082 the second near $0.087 and the third one at $0.1.
The minor support area which would create a double bottom is found at $0.072.
I believe that during the next ten days price will enjoy a steady increase and reach the second minor resistance area near $0.087.
- Price is trading below its 200-week moving average.
- There is a significant bullish divergence in medium-term indicators.
- Price has broken out of the short-term resistance line.
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