XLM/USD - Descending triangle, wait for breakout

XLM formed a descending triangle and hit the resistance at Fib 38.2 level, as long as we stay below that, we will likely make a new low around .11 cents just above support.

Buy zone highlighted in the chart, that is a great entry for a long if the price action will give it to us. Overall XLM is bullish long term, but we may have a fifth leg down before sustained gains.

Indicators are also turning bullish, however this does not exclude a fifth leg down before they turn up. Wait for a breakout of the descending triangle to buy or wait the support level.

XLM is also being considered as a central bank digital currency by Ukraine and was recently involved in a pilot. If more countries will turn to XLM for their central bank currencies... then XLM has a great year ahead.

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Comentário:

XLM in a bull run, with the latest news that BANKS can use stable coins (think USDC!) which will be on XLM network, XLM is posed for significant gains in 2021.