The global XLM price correction is quite nice and in the classic pattern. Starting from April 2021, the XLM price is clearly moving in a wedge. The first fall wave within this wedge began in May 2021 and was quite aggressive. The weakness of the second fall wave from November 2021 is expressed both in the lazy local lows update and in trading volumes. At the moment, buyers are able to organize deep corrections up, and sellers are unable to aggressively update local lows. This trend is leading to a global market reversal.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/d/ddjxPY0M.png" alt="XLM" width="1386" height="790" />

<a href="https://www.tradingview.com/x/ddjxPY0M/">https://www.tradingview.com/x/ddjxPY0M/</a>

The worst-case scenario at the time of writing is the retention of $0.27 by sellers and another fall wave to $0.13. This scenario is quite real, given the trading volumes in the weekly timeframe. However, even such trouble for investors will not be a problem to start forming a new growth wave with the first global target of $0.4. At the moment, our main global scenario is a global consolidation of the XLM price in the range of $0.13-$0.4. Therefore, we do not expect to update the XLM historical high in the near future.
<h2>XLM Technical Analysis On The Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/o/OUUxxBtk.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/OUUxxBtk/">https://www.tradingview.com/x/OUUxxBtk/</a>

Analyzing the XLM price movement on the daily timeframe, you can see the total absence of sellers, starting from 14 March. Buyers without any problems, due to low trading volumes raised the XLM price by 34%. Given the lack of struggle, the XLM price growth will easily continue to reach $0.24. In this local mark, sellers began their activities on 8-9 February. It was at this point that the daily candles closed after unsuccessful attempts by buyers to continue their initiative.

Therefore, in the event of an increase in trading volumes and the beginning of price slowdown at around $0.24, you should be ready for the reversal of the XLM market. In this case, we will expect consolidation in the range of $0.18-$0.24. In this consolidation, buyers will be able to gain long positions at good prices and buy off the remnants of sellers at local lows.
<h2>The XLMBTC Price Is Still Within The Local Fall Channel</h2>
<img src="https://s3.tradingview.com/snapshots/h/HKa0525g.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/HKa0525g/">https://www.tradingview.com/x/HKa0525g/</a>

However, the relative success of the XLM cryptocurrency is still insignificant compared to the situation on the XLMBTC chart. In the weekly timeframe, we see that the XLMBTC price is confidently moving within the local fall channel. Now buyers are trying to take control of its middle trend line to cover the top of the channel. Prospects for growth in this case -20%. However, globally, until buyers break the upper trend line of this channel up - it is too early to buy XLM globally. Ideally, you should buy XLM cryptocurrency after fixing the XLMBTC price above 0.00000660. In this case, the growth prospect will reach 0.0000107. Otherwise, while the price is in a downward trend, before the mark of 0.00000395 we would not consider buying XLM for medium and long-term purposes.

XLM Technical Analysis: The First Steps To Change The Trend

However, the relative success of the XLM cryptocurrency is still insignificant compared to the situation on the XLMBTC chart.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

XLM Technical Analysis: The First Steps To Change The Trend

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