Stellar Price Analysis: Can XLM/USD Break This?
The pair declined and traded below the 23.6% Fib retracement level of the last wave from the $0.1574 low to $0.2859 high. However, the downside move was protected by the $0.2200 level. The mentioned $0.2200 level was a resistance earlier and it is now acting as a strong support.
Moreover, the 50% Fib retracement level of the last wave from the $0.1574 low to $0.2859 high also acted as a decent support. At the moment, the price is trading well above the $0.2200 level and the 100 simple moving average (2-hours).
It may continue to rise, but the trend line resistance near $0.2700 will most likely prevent further gains. If buyers succeed in pushing the price above the $0.2700 level, the price may even break the $0.3000 level for more gains.
On the downside, the $0.2200 level holds a lot of importance for the current wave. A push below $0.2200 could ignite more losses towards $0.1800.
Trade safe traders and do not overtrade!