XLM Technical Analysis: Downtrend Breakout
Looking at Stellar Lumens (XLM) daily chart, it is clearly seen that the long-term downtrend has been broken out upwards.
The descending channel pattern obvious on the chart put pressure on the price of the coin for almost eight months, but this channel has been broken above recently thanks to the great trade volume. The breakout of the level of $0.2758, in particular, triggered the rally. The price is currently trading around $0.4731. The strongest resistance ahead is the level of $0.4981, which is also the level of previous peaks. If broken above, the price target could be the level of $0.60 or above in the middle term.
On the other hand, the first support the price will meet in case of a possible pullback could be the level of $0.3578. Moreover, $0.3109 - $0.2966, $0.2794 - $0.2610, and $0.24 respectively should be followed in case of deeper corrections.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.