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Tuesday, June 6, 2023

XLM to break Structure or not?

Current and Past Movement

At the time of writing Stellar (XLM) stands at the price of $0.2714 with a decrease of 1.78% in a day. On a monthly time frame XLM has shown a decrease of almost 20%. It had shown an increase of almost 19% in the month and in September it had completely retraced back bringing it back to the price it had on August and July breaking the August High. XLM stands at 24 place according to market cap on coinmarketcap.

Technical Analysis
Talking about XLM recent pricing and how it has performed and how it will.

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Recently the price action hasn’t too clear and it is hard to identify the directional bias, but let’s talk about the evidences being shown by the market on the charts.

Market had a huge fall on 7 September after breaking previous structure. The reason for it to do so was because as market was rallying up, huge amount of buyers were jumping with the trend, so to liquidate them, market spiked down hitting trader’s stop losses and closed at $0.3368. Now market is very near to an imbalance zone, which serves for price to react to it. Just above that, the institutions might have engineered double top inducing early buyers in the market, now expectations are whether the market will first retest the recent structure which involves an unmitigated Supply Zone. Another possibility is that market might clear below liquidity and eventually tap in below zone and then recent structure. So now at the moment, the market can be considered not much ideal for any direction. The market shifts will determine where the price will be likely to head.

Now in case if the market reaches the imbalance zone, a market shift should be noticed before jumping and signs of reversal should be taken into consideration, and if not its very likely that XLM will take the liquidity as well which is present at $0.1985 before continuing up.

About XLM

XLM is made to allow the money to be moved easily and stored. It works to bring the financial firms close to each other through the use of block chain technology. It was based on Ripple Labs Protocol but due to the hard fork the block chain was created and the code had to be written again.

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