Stellar (XLM) Price Bounce: Correction or Reversal?
The XLM price began a bounce on May 25, but the increase was temporarily halted yesterday.
While the short-term chart supports the validity of the bounce, the long-term one indicates the trend is bearish.
The Stellar (XLM) price began a bounce in May, which could continue to the closest Fib resistance levels.
However, even though the bounce could continue in the short term, the long-term readings still indicate that the trend is bearish.
Stellar Price Might Have Completed Correction
The daily time frame outlook shows that the XLM price has descended since April 1, when it reached its yearly high of $0.11.
The decrease ended an upward movement that started at the beginning of the year. The upward movement resembles an A-B-C corrective structure (white).
Therefore, it is likely that the ensuing decrease is part of a new bearish trend. This is supported by the fact that the decrease looks like a five-wave downward movement (black).
Read More: https://beincrypto.com/xlm-price-bounce-correction-or-reversal/
The XLM price began a bounce on May 25, but the increase was temporarily halted yesterday.
While the short-term chart supports the validity of the bounce, the long-term one indicates the trend is bearish.
The Stellar (XLM) price began a bounce in May, which could continue to the closest Fib resistance levels.
However, even though the bounce could continue in the short term, the long-term readings still indicate that the trend is bearish.
Stellar Price Might Have Completed Correction
The daily time frame outlook shows that the XLM price has descended since April 1, when it reached its yearly high of $0.11.
The decrease ended an upward movement that started at the beginning of the year. The upward movement resembles an A-B-C corrective structure (white).
Therefore, it is likely that the ensuing decrease is part of a new bearish trend. This is supported by the fact that the decrease looks like a five-wave downward movement (black).
Read More: https://beincrypto.com/xlm-price-bounce-correction-or-reversal/
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