XLM Price Action Analysis

XLM

The trading crowd seems to be pumped up by all the hype and XLM price has broken above the daily Ichimoku cloud both as traded versus the US dollar, as well as Bitcoin.

Looking at the XLM/USD daily chart, the pair confirmed the break above the cloud on Wednesday and spent Thursday pulling back as the Ichimoku strategy normally pans out. The future cloud is bullish and all five of Ichimoku moving averages are moving up. The Chiko span has yet to cross above the cloud, indicating we could still see some consolidation before the pair reaches the key resistance levels of 12 and 15 cents respectively. With that, some traders may consider the upper band of the Ichimoku cloud a buying opportunity.

 


 

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