XLMUSDT Breakout Descending Triangle
Setting up a trade:
Price is consolidating in a Sideways Channel ($0.10-$0.12) following a breakout from the Descending Triangle. Traders should be cautious of false breakouts from this channel since price has failed to break out a couple times. Traders who trade swings should trade the channel (enter near $0.10 support and exit near $0.12 resistance). A breakout above $0.12 is necessary for a trend trader (make a price alert).
As a trend:
An uptrend is evident in the short- and medium-term, but a downtrend is evident in the long-term.
The momentum is mixed, since the MACD Line is above the MACD Signal Line (Bullish), while RSI is 50 (Neutral). There is a decline in the MACD Histogram bars, which suggests a weakening of momentum.
OBV (On Balance Volume):
Volumns on Up and Down days are higher, indicating that volume is rising. Hence, demand (buyers) exceeds supply (sellers).
Support and Resistance:
Nearest Support Zone is $0.10. The nearest Resistance Zone is $0.12, then $0.15.
Price is consolidating in a Sideways Channel ($0.10-$0.12) following a breakout from the Descending Triangle. Traders should be cautious of false breakouts from this channel since price has failed to break out a couple times. Traders who trade swings should trade the channel (enter near $0.10 support and exit near $0.12 resistance). A breakout above $0.12 is necessary for a trend trader (make a price alert).
As a trend:
An uptrend is evident in the short- and medium-term, but a downtrend is evident in the long-term.
The momentum is mixed, since the MACD Line is above the MACD Signal Line (Bullish), while RSI is 50 (Neutral). There is a decline in the MACD Histogram bars, which suggests a weakening of momentum.
OBV (On Balance Volume):
Volumns on Up and Down days are higher, indicating that volume is rising. Hence, demand (buyers) exceeds supply (sellers).
Support and Resistance:
Nearest Support Zone is $0.10. The nearest Resistance Zone is $0.12, then $0.15.
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