Stellar is currently about 10% off its All Time High having been one of the top gainers over the past few weeks. Now is not a good time to buy. is showing oversold on the 8 hour and has dropped indicating the bulls have lost momentum.
Price jumped off the cloud nicely on Jan 21st but looks to be losing momentum on that run now. I will be looking for the price to return back to the cloud or KJ line and/or 50. Will also look to see how the is behaving (e.g. divergence).
I do think this coin will make many all time highs this year so will be looking to get in on the next accumulation opportunity. Follow this post for updates.
"Luck is what happens when preparation meets opportunity" Seneca The Younger.
Not investment advice.
- On 4HR RSI is reaching oversold levels, price has dropped through the KJ and TK and is now testing the cloud
- On 8HR price is looking to test the KJ and the EMA 50 and potentially the top of the cloud. Volume has been low for some time suggesting bears are exhausted.
- I don't think price will drop back to the lower support marked on the 8HR chart as market sentiment seems to be building from the time that low was reached on the 11th & 16th Jan. Could be wrong of course!!
I am going to pick up a small amount to build holdings if the price finds support on the 8HR levels mentioned above.
On chart below we may see support at the dotted light blue line but price could fall down to the blue box. I am placing further buys at this level.
Still plan to hold long term.
- The RSI seems to be loosing steam at the 50 level indicating exhaustion of the bulls to push higher.
- Volume is also still very low.
I am still looking for price to drop lower to my 0.00002502 buy level. For three reasons:
- Previous area of strong volume and S / R
- 1 fib level of the trend based fib as shown
- Rising Wedge formed which should break to the downside.
- Notice also how RSI is turning down and also has failed to break above this level since the start of the crash in Feb.
Hopeful still that XLM will fall to my buy level.