XLM Analysis | Key Levels on Weekly TF

26 พ.ค. 2024

On the weekly timeframe, a "falling wedge" pattern has formed, which is typically a bullish reversal pattern. The price is consolidating within this figure. The current situation, along with the weakening selling pressure during this consolidation phase, suggests that a bullish reversal may be imminent. A successful breakout above the upper boundary, particularly if accompanied by increasing buying volume, could propel the price towards the target range of $0.21 - $0.24. However, if the price fails to break above the resistance zone and sustain above the $0.24 level on the weekly timeframe, it may face a retest of the support level at $0.10 - $0.071. This could lead to the formation of a new lower low, potentially revisiting levels last seen in March 2020.

🔴 Key Resistance Levels: $0.21 - $0.24

🟢 Key Support Levels: $0.10 - $0.071

❕Always remember the golden rule of investing: never risk more than you can afford to lose. Trade carefully and wisely, and may each of your transactions be successful!

27 พ.ค. 2024

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Content for seasoned traders only. Not financial advice. You bear sole responsibility for trading outcomes. Conduct due diligence.