Stellar (XLM) Averts Another Fall But Lacks A Clear Direction Short Term
Stellar Lumens (XLM) seems to have averted another fall for now as the technicals enter oversold territory. The price has now seen a bounce back above a trend line support as the bulls come to its rescue. However, it is still too early to declare victory. The RSI has found support temporarily but the price might be due for another drop yet. That being said, it is unlikely to break out of the pitchfork anytime soon. Even if XLM/USD remains above its current price, it is unlikely to rally aggressively till the beginning of next week. We have seen Stellar (XLM) correct same as the rest of the cryptocurrencies the past few days. Its correlation with Ripple (XRP) was short lived and the price soon began to mimic the trajectory of Bitcoin (BTC).
The pattern formed within the pitchfork on the XLM/USD chart was originally deemed to be a cup and handle. It began forming the cup between November 26 and November 28. Between November 28 and November 29, it had formed the handle, but somehow…
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