XLM Technicals
I've been getting into trading smaller cryptos recently, and I've found XLM to be an interesting one so far.
What I've been seeing in the past couple of days is a strong setup for a short-term move to the upside. Currently, there has been 1 divergence in the peaks of the oscillators and a confirmation of the upward trend in the troughs. This I believe, suggests that the price action will continue moving into the upside for the next couple of days where a peak may form around the 0.43 or 0.55 USD areas; where after one of these points we can expect a retracement down.
Further supporting this movement is a soon approaching golden cross of the 50 and 200 EMA's which is being supported by slowly growing trading volume over the past couple of months. I would expect this bullish move to last a couple of weeks with a number of smaller moves up and down as the whole wave builds itself but as a swing trader I don't mind the little fluctuations; I might even add onto my position if momentum proves to be stronger than anticipated.
It is difficult to forecast further as we don't have too much information but from what I have observed, there has been positive momentum in my positions in the past week.
Remember, this is only an opinion and I am more than welcome criticism and comments.
Thanks for reading, happy trading!
Note: I have a position in the 34 cent area, so my perspective may be a bit biased.
What I've been seeing in the past couple of days is a strong setup for a short-term move to the upside. Currently, there has been 1 divergence in the peaks of the oscillators and a confirmation of the upward trend in the troughs. This I believe, suggests that the price action will continue moving into the upside for the next couple of days where a peak may form around the 0.43 or 0.55 USD areas; where after one of these points we can expect a retracement down.
Further supporting this movement is a soon approaching golden cross of the 50 and 200 EMA's which is being supported by slowly growing trading volume over the past couple of months. I would expect this bullish move to last a couple of weeks with a number of smaller moves up and down as the whole wave builds itself but as a swing trader I don't mind the little fluctuations; I might even add onto my position if momentum proves to be stronger than anticipated.
It is difficult to forecast further as we don't have too much information but from what I have observed, there has been positive momentum in my positions in the past week.
Remember, this is only an opinion and I am more than welcome criticism and comments.
Thanks for reading, happy trading!
Note: I have a position in the 34 cent area, so my perspective may be a bit biased.
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