UpDate - (XLM/US Dollar) - Stellar's Descending Channel has Broken...Now Where's it Going? (8/19/2018)
Over a week ago, I posted here the following outlook for Stellar (XLM), with the following price charts.
The positive pattern that was the 'Falling Wedge' has now turned into a narrow 'Descending Channel' pattern.
All technical 'channels' are meant to break sooner or later, in regards to a 'Descending channel' if it breaks below it, it's a signal that the price will fall lower, however if the price breaks the channel to the upside, it will be a clear indication that the price should start moving back up.
Hopefully, Stellar (XLM/USD) will break its negative channel sooner, rather than later. Time will tell.
In Review:
The Descending Channel broke to the upside several days ago, as shown in the chart below, however, the price of Stellar (XLM) hasn't moved much to the upside as previously hypothesized (above).
continued...
Outlook:
Instead of moving up, the price of Stellar has moved sideways between the support level of nineteen cents ($0.19) and the resistance level of twenty-five cents ($0.25).
At this time, no other clear technical patterns have taken shape in Stellar's price chart, so we can most likely expect more of the same sideways movement out of Stellar (XLM) until it breaks one of the two price levels, mentioned in the previous sentence.
I'll follow up when a new technical price pattern has taken shape.
Expectations:
Short-Term - Hold
Long-Term - Very Positive
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Disclaimer: This is not financial advice.
The Charts provided courtesy of TradingView.com
Normally, I write about Gold Nanoparticle Cancer Research and I do technical analysis for silver, gold, and the U.S. dollar, but I'm also a fan of cryptocurrencies, and because of this, I've started to share my charts on the coins and tokens I own or follow.
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Steve Warrenfeltz