Possible long strategy for XLM
XLM is in the sideways trend, and is approaching oversold on Stoch RSI. ADX shows there are more sellers than buyers driving the price down, but the trend is clearly weakened.
It is also approaching the downtrend resistance line, and will soon have to decide where to go. While it has been trending down overall for the past 4 months, there is some room for growth to the resistance zone of 500 satoshi (the blue resistance line) before it continues its downtrend to 300 satoshis, possibly finishing a 100% retraceent from its June high. Right now it is hovering over 400 which can mean a 20% ROI if it breaks through the downtrend resistance line and goes up to 500. If you purchase at 400, set stop loss at 430-450 when it reaches 500.
Alternatively, you can wait for a stronger trend when/if it breaks the 500 satoshi resistance on high volume and set stop loss at around 470-480.
Judging by the technical analysis, unless BTC acts up again, it is likely to head up.
Thoughts? XLM is really a mystery considering it is a decent coin. Investors haven't been kind to it.
It is also approaching the downtrend resistance line, and will soon have to decide where to go. While it has been trending down overall for the past 4 months, there is some room for growth to the resistance zone of 500 satoshi (the blue resistance line) before it continues its downtrend to 300 satoshis, possibly finishing a 100% retraceent from its June high. Right now it is hovering over 400 which can mean a 20% ROI if it breaks through the downtrend resistance line and goes up to 500. If you purchase at 400, set stop loss at 430-450 when it reaches 500.
Alternatively, you can wait for a stronger trend when/if it breaks the 500 satoshi resistance on high volume and set stop loss at around 470-480.
Judging by the technical analysis, unless BTC acts up again, it is likely to head up.
Thoughts? XLM is really a mystery considering it is a decent coin. Investors haven't been kind to it.
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