XLMUSD Above the 1W MA200 for the first time in more than 1 year

13 ก.ค. 2023

Stellar (XLMUSD) hit and broke today above the 1W MA200 (orange trend-line) for the first time since the week of May 02 2022. That's more than 1 year of trading below a key long-term Resistance that is now broken. The 1W MA50 (blue trend-line) has supported this price action for the past 2 weeks.

The time XLM hit the 1W MA200 during the previous Cycle, it failed to close the week above it and had a medium-term pull-back to the safety of the 1W MA50 before it started the final part of the parabolic rally from October 2020 to May 2021. Notice that the 1W RSI then was on the exact same (overbought) level it is today.

As a result, if it fails to close above the 1W MA200, we will wait for a pull-back to buy, preferably as close to the 1W MA50 as possible. If it closes above the 1W MA200 though, we will buy on the market price. In either case, we will target the top (Higher Highs trend-line) of the multi-cycle Triangle pattern at 0.7000.

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