XLM Lumen about to breakout to the upside

BITTREX:XLMUSD   Lumen / US Dollar (calculated by TradingView)
It appears that Lumen XLM is about to break out and move higher. I've set a target of $0.77 for mid to late April. This relies a bit on BTC price action to support the overall altcoin market as well. The price action is shown in the triangle formation to be squeezed into a narrow band of selling with declining volume . The chart would indicate that this selling pressure is about exhausted and the next move is up. Looking at the Elliot waves it seems that the move is confirmed. Also the Fibonacci numbers show an oversold state and provide an indication of the price movement into the future. My projection for the price is a combination of looking at the recent historical swings and the Fibonacci levels.

I have previously added XLM as a HODL (long term buy and hold) for my portfolio. From a fundamental investment viewpoint, XLM ticks all the boxes and is a solid project that is in production with a great team behind it. As always, I am using 10% or less of my holdings for trading and the rest are in long term hold. I do not use leverage/margin and I do not recommend it.

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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment adviser before trading or investing. Trading crypto currencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.

評論: I do not consider this trade as active until the upper blue trend line has been broken by forming a completed candle at about $0.39. Entry prior to this takes on more risk of a short term pullback. Those with a long term view can enter now since the long term in my view is very bullish for Stellar Lumens.
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