Well, on my recent post about XLM, it will still be going to work out in play, so far, there's no significant upward movement to invalidated my scenario.
So, for quick trade based on the technical indicators in 15 minutes timeframe (by the time of this writing), a short position might be considered, but with caution. Here's why and what to consider:
- Arguments for Short:
1. Price below EMAs: The price (0.32757) is below the 7, 25, and 99 period EMAs, suggesting a potential downtrend.
2. Negative MACD crossover: The MACD line is below the signal line (DEA), indicating bearish momentum.
3. Decreasing volume: The volume (785.655) is lower than the 5 and 10 period moving averages of volume, suggesting weakening buying pressure.
- Arguments Against Short (or Reasons for Caution):
1. RSI not oversold: The RSI (both 6 and 14 periods) is not in the oversold territory (below 30), indicating there might not be strong selling pressure yet.
2 STOCHRSI not overbought: The STOCHRSI is not in the overbought territory (above 80), suggesting there might be room for upward movement.
3. Recent price bounce: The price seems to have bounced off the 0.32020 level, indicating potential support.
Recommendation:
1. If you choose to short, do so with a tight stop-loss above the recent swing high (around 0.33042).
2. Consider waiting for further confirmation, such as a break below the 0.32020 support level with increased volume.
3. Alternatively, you could wait for a potential bounce and look for a long entry if the price breaks above the EMAs with strong volume.
Last but not least, remember, this is not financial advice. Trading cryptocurrencies involves significant risk. Do your own research and consult with a financial advisor before making any trading decisions. Happy trading and may you always be happy, healthy and wealthy. Cheers... 🍻
