A quiet week with small trading volumes did not bypass XLM coin as well. After an unsuccessful attempt to break through USD 0.11-0.12, buyers during the week managed to raise the price to USD 0.127 and averagely price was traded in the range of 5%. However, despite the low volumes of trades, buyers are trying to dominate in the market. If you look at the everyday candle from 10 June, you can see that if buyers gave the initiative to sellers for a day, then the day candle was closed so that it pointed to the weakness of the sellers and that buyers control the situation. On a 4-hour timeframe a local trend has been formed:
Now the price has come close to the local liquidity zone, which was formed as a result of consolidation from 12 June. We also see that buyers re-test the black trend line that sellers are trying to keep from 16 May and globally, after breaking through this trend line, we will receive the first signal of the growth continuation, the new wave of which began on 10 May. However, it will be only the first optimistic signal, since 16 May, the price actually moves in a broad consolidation between prices of USD 0.118 and USD 0.144. Therefore, in order to continue growth with the first temporary stop in the price of USD 0.164, buyers need to fix above the current range in which the price is traded.
If you look at the situation globally, then on the weekly timeframe we see that buyers have started a new wave of growth from 10 May and wave (C) equals wave (A):
By the nature of the price growth from 10 May and the current consolidation on small volumes, it can be assumed that the buyers have not yet completed their new initiative. There is a growth prospect for buyers up to USD 0.19. At this price, the wave C = 1.618 * A and also passes the liquid price zone, which we wrote about in the previous analysis. It is an optimistic development of events for buyers. Another real scenario is the breakthrough of USD 0.116 and the continuation of the movement in the global triangle and the price test of USD 0.1:
It is important that after such a fall, the buyers still retain market dominance. Therefore, after the breakdown of 0.126 the next stops will be 0.144 and 0.164 with a possible final target of USD 0.19, or a breakdown of USD 0.116, and in this case, the next target is USD 0.1. We hope that by the end of the week the situation will become clearer and the market will revive. In the meantime, we want to wish you to have a good weekend!
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About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market.
Chart Courtesy: TradingView
The post BitcoinNews.com XLM Market Analysis 15th June 2019 appeared first on BitcoinNews.com.