XLM’s bulls are coiling up trying to break its current lower high channel. Will they be successful?

I am including the 37th largest cryptocurrency in terms of market capitalization, the Stellar Lumens – XLMUSD, referred to as XRP's crypto brother.

The US is set to have 5 high impact economic reports in the coming trading week.

The crypto markets in general including XLMUSD have continued protecting its gains after Bitcoin held its crucial 67,000 support strongly last Friday.

Assessing XLMUSD’s high timeframe candles:

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Doji

Weekly Candle: Previous close is a Green Long Upper Shadow current is developing a Small Green Long Lower Shadow

Daily Candle: Previous close is a Red Body with a Slightly Longer Tail Wick current is developing a Green Body with a Longer Tail Wick

XLM’s May 20-21 4H FVG has been fully retraced on Friday’s crypto market wide price slump but fortunately its May 13’s order block has come to the rescue.

Price is trading again inside the reclaimed 4H FVG’s territory where both the 50 and 100 4H SMAs are acting supports as well.

Bulls’ motive is to break the local lower high trendline as shown above targeting as high as XLMUSD’s 200 SMA.

Any dropping of price again below the FVG is a buy signal and a stronger buying is suggested to the OB’s retest.

Price is coiling up tightly according to the 5-minute timeframe.

There’s a high probability that the nearby LH TL can be broken so I’m going to enter at the current 4H green candle’s pullback with a quick stop loss just below the FVG’s lower boundary.

If I’m right in what I’m seeing, I’m going to take profit just above the 4H 200 SMA.

I might stop out right away but I’m willing to take down the risk.

Let’s see how this one goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

XLM Intraday Analysis and Trading Plan For May 27, 2024

May 27 2024

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