Lorenzo Stroe
Independent Analyst
- XLM price has been trading sideways for the past week.
- The digital asset awaits a clear signal to see a breakout or breakdown.
XLM has continued to trade sideways since we last reported about it. The digital asset remains locked inside a tightening range which will eventually burst. Let’s analyze some of the most important indicators to understand the most likely scenario.
XLM Price could look at a 20% breakout in the short-term
On the 4-hour chart, XLM has been trading sideways in a tightening range between $0.276 and $0.316. The Bollinger Bands have been squeezing notable since January 14 and indicate the digital asset is on the verge of a breakout or breakdown.
XLM/USD 4-hour chart
Additionally, XLM’s trading volume also dropped massively in the past few days, which is another indication of a potential breakout or breakdown. Considering the overall trend is bullish, a breakout is more likely if the bulls can push XLM price above $0.316. The short-term price target would be $0.372.
On the other hand, if the bears can see some momentum on the way down and can crack the significant support level at $0.276, XLM price can quickly fall towards $0.23
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