XLM: Treasure Hunt Call
XLM – Treasure Hunt time
XLM, also known as Stellar Lumens has according to CACM and Aeries Ratings is one of their top rating picks based on Fundamentals.
Stellar was picked to be part of Coinbase, allowing to to be exposed to almost 30 Million new investors. On all of these news pieces, we saw a 40% pump on Stellar.
Especially following, the result that XLM was awarded by the Islamic Nations, the certifications of Sharia compliance, meaning almost 2 Billion muslims can purchase XLM.
What about this trade?
XLM is currently in a rising wedge, each time, it hits the support area at 25 cents, its rejected before being rejected at the support of 21 Cents.
We could see it decreasing all the way to 0.19 Cents as a result of a large amounts of buys in that area.
The media sentiment towards XLM is one of the strongest in the game except Ripple that beats it on that level.
Enter a trade based on the rising wedge to 0.255 from 0.211 based on the rising volume and the RSI Stochastic cross overing from the oversold position of 10.
See below the chart
Based on the technical reasons and fundamental reasonings: Nouvive recommends a BUY.
Take the profit at around 0.29, just below the huge amounts of sell volumes.
A prudent investor could take profit at just over 0.272, taking into account the huge sell wall at 0.273 and 0.275