![Will Stellar Lumens [XLM] have a decent pullback before pumping toward the $0.1 mark? Decoding…](https://i.headtopics.com/images/2023/1/17/cryptoamb/will-stellar-lumens-xlm-have-a-decent-pullback-bef-will-stellar-lumens-xlm-have-a-decent-pullback-bef-1615251323716341768.webp)
Will Stellar Lumens [XLM] have a decent pullback before pumping toward the $0.1 mark? Decoding...
noted gains of 25% in the past ten days. The price charts showed that another move upward was likely, although buyers can wait for a pullback to an area of interest.Source: XLM/USDT on TradingView
Based on the move upward from $0.071 to $0.09, a set of Fibonacci retracement levels was plotted. The 38.2% retracement level sat at $0.083, with a significant level of support at $0.082 as well. Moreover, a fair value gap was also noted in this zone. Therefore, bullish market participants can look for a pullback into this zone to buy XLM. The confluence of multiple support zones suggested that the probability of a bounce in prices from this area was good. The lower timeframe charts showed that the $0.082-$0.085 areas saw some consolidation in mid-December.To the north, the daily chart showed a large inefficiency left behind on the charts from $0.1-$0.108. Bulls can look to take profit at a 50% fill of this FVG at $0.104. The 61.
However, unlike the OBV, the spot CVD has been declining behind Stellar Lumens. Even though the price trended upward, the inference was continued selling pressure. Could this mean a reversal was imminent? A daily session close below $0.081 can be taken as an invalidation of the bullish idea laid out above.Subscribe to get it daily in your inbox.
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