I would love to say that I'm not a financial adviser and I do hodl some XLM.
From the chart above you can see that XLM has been trading in a rising channel since towards the end of November 2020 which was about the start of the current bull market. In my opinion, I believe that as long as we are in a bull market XLM will continue to trade in this channel making higher lows during pullbacks and higher highs during rallies.
As long as we do not break below the support line of the rising channel if you hodl XLM you should be optimistic for the future. Always remember that cryptocurrency is not a get-rich-quick scheme thus if you want to win in this market you will have to be patient.
I'm speculating that the next time XLM rallies towards the resistance line in the rising channel it may test $0.80 cents although $0.75 seems way more certain. I'm also speculating that this may happen by the end of March or within the first 2 weeks of April depending on the state of the crypto market.
What I believe will fuel this rally is the fact that individuals and families will be receiving a third round of stimulus checks any day now since it has
been approved by the house, this may inject new money into the crypto market and push many altcoins to new ATH.
Even though XLM doesn't rally on the speculated date range as long as we keep trading in the rising channel XLM remains bullish. If the support of the rising channel fails, personally I will sell thus my stop loss is set below the support of the rising channel.
Watch for the bullish signal on the MACD indicator on a daily chart. When it goes green it's a good time to buy if you are looking to get in.
From the chart above you can see that XLM has been trading in a rising channel since towards the end of November 2020 which was about the start of the current bull market. In my opinion, I believe that as long as we are in a bull market XLM will continue to trade in this channel making higher lows during pullbacks and higher highs during rallies.
As long as we do not break below the support line of the rising channel if you hodl XLM you should be optimistic for the future. Always remember that cryptocurrency is not a get-rich-quick scheme thus if you want to win in this market you will have to be patient.
I'm speculating that the next time XLM rallies towards the resistance line in the rising channel it may test $0.80 cents although $0.75 seems way more certain. I'm also speculating that this may happen by the end of March or within the first 2 weeks of April depending on the state of the crypto market.
What I believe will fuel this rally is the fact that individuals and families will be receiving a third round of stimulus checks any day now since it has
been approved by the house, this may inject new money into the crypto market and push many altcoins to new ATH.
Even though XLM doesn't rally on the speculated date range as long as we keep trading in the rising channel XLM remains bullish. If the support of the rising channel fails, personally I will sell thus my stop loss is set below the support of the rising channel.
Watch for the bullish signal on the MACD indicator on a daily chart. When it goes green it's a good time to buy if you are looking to get in.