Stellar Lumens XLM Is Using The Support Of Previous Triangle To Breakout The Next One

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moon3334 years ago2 min read

Hi friends, and welcome to the new update on Stellar.

Big wedge and key support:

On a weekly time frame, XLM has bounced from the key support of $0.12 and the support of a big falling wedge pattern. This move can also be seen on a monthly time frame.
After breaking out this wedge the next move can be up to $0.75, which is the top of this wedge. Before this XLM had already broken out a big channel as well.

Symmetrical triangle and external supports:
On a 4-hr time frame, Stellar has broken down a symmetrical triangle. But it has still a down trendline support and the previous triangle's support is also still in play. Therefore,
there is a probability, that XLM will breakout the resistance of the triangle using these supports. After the breakout XLM can also break out the next resistance of $0.154.

Conclusion:

Even though Stellar has broken down the triangle but some external supports are in play therefore, there is a possibility that stellar will breakout the same triangle which is broken down.

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