Stellar is on his way to visit the ATH. This week we have already witnessed an increase of no less than 230%. Currently XLM is above the last weekly resistance level which is just under 29 cents. Let's zoom in quickly so we can see more details.
The retrace we were waiting for, which I had discussed in my analysis a month ago, took place on December 23rd and in the following days there were still some opportunities to buy the Fibonacci 0.618. I would not have dared to dream that the race after that made such an increase.
The current day candle still looks quite reasonable, only the day is still long and there could be a top formation on the lower timeframes. The ema's are starting to point upwards again, so in my opinion a good confirmation of the trend. We also see the rsi and lbr in overbought. Now this does not mean that the price will drop because the rsi can be in overbought for days if not weeks. However, it is an indication that a temporary retrace may come.
And then we make a big step to the 1 hour graph, because on the 4 hour graph there wasn't much more info to be seen. The course is on the lower timeframe (15m) in a bull flag and also had a retrace on the Fibonacci 0.5.
The ema's are going up steadily and the distance between them is increasing, indicating that the trend is strong. The rsi is below the ema and the middle line which is so0rgt for some resistance. If we want to play the bullflag the rsi should cross both bullish.
Conclusion:
ATH will be reached very soon and may be broken but on the lower timeframe there may be a small retrace to the Fibonacci 0.618 that you can see on the 1 hour graph. On the day graph we are now trading around the extended Fibonacci level 1.618 and the ATH is the next target. After the 0.47 the next resistance level is on the Fibonacci extended level 2.618 with a target of 0.78.
We should be able to find support at the 0.28 but even a drop to the 0.17 would still be bullish on the HTF as we would just make a higher low.
Also, If you are interested in trading, I would suggest you try out Coingrats free Discord server where we discuss the market and share interesting content. We have also have a free premium section where we share trading signals for Bybit. More info in our Discord server
