XLM/USDT successfully broke out from the inverse head and shoulders pattern it formed on the 4h time frame and is now looking to break upwards past it's ATH and push towards my first TP target at the 1.618 fib extension level ($0.87). Thereafter we should see a second leg up towards the $1 level which will be a large psychological resistance. Once broken, our...
There are two possible scenarios green and red paths.
0.6562 would become a support or resistance.
If it resist a cup and handle pattern would be possible otherwise a breakout and retest will occur with higher high.
The possibility of a resistance is more because of high funding rates.
Just an possible idea.
. There is a possibility of temporary retracement to suggested support line (0.0706). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XLMUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
Based on previous breakout of downward trendline the potential for huge gains over the next month or so are great. The Meridian conference over the next couple of days will likely provide a huge clue as to the scale of the next move higher.