$XLM Peter Brandt's Analysis Warns of Further Corrections
Peter Brandt, a veteran market analyst, shared an explanation of the descending triangle on the daily bar chart, as a continuation of the larger triangle breakout in early October. However, Brandt's chart does not mention any target but shows a steady increase in bearish trend momentum as the Average Directional Index (ADX) rises to 37 at the time of his tweet.
indicating a consistent decline in the notional value of all outstanding futures contracts, indicating that traders are pulling capital, reducing leverage, or are forced to liquidate.
Open interest in XLM futures contracts. Source: CoinGlass.
Peter Brandt's Analysis Warns of Further Corrections
Peter Brandt, a veteran market analyst, shared an explanation of the descending triangle on the daily bar chart, as a continuation of the larger triangle breakout in early October. However, Brandt's chart does not mention any target but shows a steady increase in bearish trend momentum as the Average Directional Index (ADX) rises to 37 at the time of his tweet.
Stellar Channel Breakout Targets $0.2200
Stellar traded above $0.2700 at the time this news was written on Wednesday, recovering more than 1% today after experiencing consecutive declines. The applicable pullback in XLM marks the breakout of the falling channel pattern on the daily chart, at risk of a longer correction to the $0.2200 support zone.
Optimistically, if XLM regains above $0.2851, it may continue the rally to the psychological level of $0.3000.
