The "maybe" Coinbase news helped push XLM further out if its falling wedge, although it had been showing substantial bullish divergence on the daily prior to that point anyway. There is still strong resistance at this level from it being a prior support point and the 50% fib, and there is a second upcoming diagonal resistance imminent. On the daily chart we are also coming up to a strong Ichimoku cloud resistance.
Interestingly, while buy volume has increased the growth is not substantial therefore it will be interesting to see if a bigger move can be made to break the larger downtrend.
Volume can be seen to be tapering off at this level which may either indicate accumulation at this price point and perhaps development of an ascending triangle - or alternatively we may simply see the price die back down to the nearest support. Having said that, at this stage the order books look strong on the buy side.
Keep an eye on price action, and look to buy on a successful retest of the 3300 level in the next couple of days.
There is some bearish divergence on the 4 hour however if a strong bullish pattern (flag/wedge etc.) forms at this level we may get a second push up from here.
Interestingly, while buy volume has increased the growth is not substantial therefore it will be interesting to see if a bigger move can be made to break the larger downtrend.
Volume can be seen to be tapering off at this level which may either indicate accumulation at this price point and perhaps development of an ascending triangle - or alternatively we may simply see the price die back down to the nearest support. Having said that, at this stage the order books look strong on the buy side.
Keep an eye on price action, and look to buy on a successful retest of the 3300 level in the next couple of days.
There is some bearish divergence on the 4 hour however if a strong bullish pattern (flag/wedge etc.) forms at this level we may get a second push up from here.
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