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Stellar Lumens Price Analysis: Bearish Outlook with Short-Term Upside Potential

Stellar XLM: is this the LAST Chance to BUY?
Stellar XLM: is this the LAST Chance to BUY?

Introduction

In a recent video on the “Cheeky Crypto” channel, Nick provides a technical analysis of Stellar Lumens (XLM) paired with USDT on the 1-hour, daily, weekly, and 4-hour time frames.

Price Action Analysis

On the 1-hour chart, Nick observes a move to the downside followed by a rally, which could be interpreted as either a diagonal pattern (bullish) or a corrective pattern (bearish). He also highlights specific Fibonacci levels (1.236 and 1.618) to provide potential price targets based on the two patterns.

Interpretation of Price Movement

On the daily and weekly time frames, Nick identifies a bearish trend, with XLM appearing to be oversold on the weekly chart. He concludes that the overall outlook for Stellar Lumens is bearish on the daily and weekly time frames.

Short-Term Bullish Perspective

However, Nick also notes that the 4-hour and 1-hour time frames provide some hope for a short-term upside move. He suggests that traders could look for potential buy-in opportunities at the lower Fibonacci levels (1.236 and 1.618) on the 1-hour chart, with a stop loss below the recent swing low.

Conclusion

Nick wraps up the video by encouraging viewers to like, subscribe, and join their Discord community.

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