Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• XLM hit the range-low and was yet to form a solid reversal. 
• The drop to the range low offered sellers more market control.

Stellar [XLM] sellers who took advantage of the roadblock at the range-high ($0.13) around 11-12 September had +16% gains at press time. XLM traded at $0.11(a range-low) at the time of writing. 

Is your portfolio green? Check out the XLM Profit Calculator 

The range low has seen two solid recoveries during past retests. But recovery was elusive during the third retest. 

Meanwhile, Bitcoin [BTC] retreated $26.0k at press time, a range low that could further delay XLM’s recovery. 

When is a recovery likely?

In the second half of September, Spot market demand for XLM declined, as demonstrated by the retreating Relative Strength Index (RSI). 

Similarly, the Chaikin Money Flow (CMF) dropped, indicating massive capital outflows from the XLM markets, underscoring the bearish bias over the same period. 

The bearish pressure saw XLM depreciate from the range high of $0.13 to a range low ($0.11). A weekly bullish order block (OB) of $0.095 – $0.109 (cyan). So, the area between $0.095 and $0.11 could act as a solid bullish zone. 

Northwards, the key resistance levels to consider are $0.115, 50-EMA (Exponential Moving Average) of $0.120, mid-range ($0.1220), and range-high ($0.13). 

Sellers gained market c
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Author: Benjamin Njiri

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