From here, it's pretty clear that the forward path is going to depend on the price action around the green box . Since XLM appears to be in a sustained downtrend, the bias is to the downside, but the green has been very supportive since the all time high. Therefore, we need to watch to see if it's breached. If XLM breaks below the green , the next stop will be a test of the low on 2/6. A break back above the blue rising would be a positive sign, but there is a lot of falling resistance overhead. You can see that the 50 (in orange) the black , the 61.8% retrace, and the 200 (in purple) are there to put any rallies in check. Therefore, the technical bias remains to the downside. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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