XLM has broken the trendline and the 50-day SMA after the panic selling across all the crypto today.
We forecasted in our previous analysis that if Stellar breaks the trendline it will fall to $0.30 and that what happened. This level emerged strong buying which took Stellar back to $0.45 level very quickly.
Actually, $0.45 level is 23.6 percent Fibonacci retracement level and where 50-day SMA is located now, so they both act as strong resistance as shown in the chart.
Therefore, aggressive traders can open long when a break out of the trendline, others they should wait for a bullish confirmation which is above $0.64.
On the other hand, if the next dip towards $0.30 holds the price, we suggest initiating long positions.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns.
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