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Trade Recommendation: Stellar Lumens (XLM)
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[Image: XLM-Stellar.jpg]
Stellar Lumens (XLM/BTC) is sitting at a level where it can finally bottom out and end its bear market that has persisted for more than a year and a half. The cryptocurrency printed an all-time high of 0.00006789 on January 3, 2018. From that point, everything went downhill for this coin. The downward spiral accelerated on January 10, 2019 when the crypto token breached support of 0.00003. Nevertheless, it is currently in a position to carve a bottom.

Technical analysis shows that XLM/BTC is respecting its historical support of 0.0000073. We have this view because the market quickly bounced when it hovered slightly above this level on July 10th. Also, back in December 2017, 0.0000073 was the level where Stellar Lumens ignited its parabolic ascent to the all-time high of 0.00006789. The swing low failure tells us that market participants respect the support level.

In addition, Stellar Lumens is printing a large falling wedge on the daily chart. The pattern appears to be forming its apex close to 0.0000073. If bulls can stay above this support, they have a very good chance of finally breaking out of this pattern.

Lastly, we can see Stellar Lumens flash a bullish divergence on the daily RSI. This is an indication that momentum is shifting to the side of the bulls.

The strategy is to buy as close to 0.0000073 as possible. As long as Stellar Lumens doesn’t drop below this level, it will likely rally to our targets of 0.00001245 and 0.0000196.

The process may take less than a month.

Daily Chart of Stellar Lumens/Bitcoin on Binance

[Image: XLM-2.png]
As of this writing, the Stellar Lumens/Bitcoin pair is trading at 0.00000852 on Binance.

Summary of Strategy

Buy: 0.0000073
Targets: 0.00001245 and 0.0000196.
Stop: 0.000007

by Kiril Nikolaev

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