Red Alert! Stellar (XLM) Breaking Support!

Stellar has broken support, on the top trendline of the ascending broadening wedge (blue dashes.) As I mentioned in my last post, this was likely to happen, because XLM was testing it for too long. Look for further downside, with initial support at the 50% retracement level ($0.51.) It just became very possible, that we could see Stellar fall to the 61.8% retracement level, which will soon be met by the 200 EMA (in purple.) A sharp reversal to the upside, on heavy volume, back above the broken support, and the 50 EMA (in orange,) is needed for the bulls to recover this market.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-