XLM is in a bearish trend trading under the trend line for approximately 158 days. After rejection from the trend line and the resistance zone (Green) at $0.1009 – $0.1031 is moving towards the support level of $0.0917.
If the support level fails to hold the price it could move towards the next support zone (Pink) at $0.0822 – $0.0833.The last support zone (Yellow) is marked on the chart as a place where it could bounce back in the worst-case scenario.
According to our analysis, the price could bounce back from the nearest support at $0.0917 and then we drop to the support zone in Pink. We could take entries at these levels.
For the bullish scenario, the price has to break above the trend line and the resistance zone in Green with high volume.
Traders should be vigilant, considering positions based on the support’s reaction and entering a buy if it holds. Always consider risk management strategies, especially with the current market volatility, and set stop-loss orders to protect against unforeseen price movements.