Stellar Lumens Pulls Back

After a meteoric rise, rallying over 1000% in the past month alone, it finally appears to be forming a dragon head consolidation pattern. We’ve dipped as low as $0.62, but tested and rejected a Fibonacci level at $0.68. We are still testing the upper bound of the KRI, and are currently seated there at the time of this writing at about $0.74. Technically speaking, XLM is extraordinarily strong still, with both Kovach Momentum Indicators solidly bullish. Any dip into the $0.60 handle should be considered a buying opportunity, with the Fibonacci Extension level of $0.93 as a price target before we consider testing $1 again. Beware that today’s candle seems to be forming a giant doji which suggests some ambivalence, and could augur a reversal.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!