As of 20th January, 2.30 pm, XLM was trading at $0.28558. As the week progressed, XLM prices dropped. On 26th January, the closing price was approximately $0.2556. Thus, the prices dropped by 10.5% over the week. New Developments The news of Stellar Development Foundation’s $5 million investment in payments firm Wyre had no effect on investor sentiments. Nor was there a massive drop in prices nor the emergence of a bullish trend. As of 27th January, 5.20 am, XLM price reached the day’s high of $0.2618. Thereafter, the trend reversed and prices fell. There is immense selling pressure as the prices have fallen below the first support level of $0.2473. https://ift.tt/3t19iP2 Predictions for the Days Ahead The current price trend is on the downside. If the prices breach the second support level of $0.2348, then price pullback is confirmed. The RSI indicates that prices are facing rejection at 65. This shows that selling has overtaken buying. So, the momentum is bearish. If we look at the Awesome Oscillator (AO), it is also giving a ‘sell’ signal implying that prices are going to fall further. The OBV and A/D indicators are falling too. This means sell-offs are continuing with no signs of an impending reversal. Thus, XLM prices will decline. In short, all the indicators that we used to study the market momentum are pointing towards a downtrend. If the XLM price fails to rise past the first resistance level of $0.2681 by today, then the bear run will continue. An uptrend can be expected only if XLM prices breach the below FIB retracement levels:- 23.6% FIB retracement level – $0.2687 38.2% FIB retracement level – $0.2718 61.2% FIB retracement level – $0.2767 As of 27th January, late trading, the prices are not falling below the $0.24 mark. The AO indicator has started giving out ‘buy’ signals. This can be a positive sign for a trend reversal. However, if the prices fall below $0.2381 (23.6% FIB retracement level), and further fall to $0.2351 (38.2% FIB retracement level), then a bear-run is confirmed.
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