Not much had change since the last few days as you all know. Thought the market is slightly gaining bullish momentum few by few, it's still not clear which Wave would likely be in play.

So, to keep it simple, here's the update of XLM for today. As always, I use The Daily Timeframe as my preferrence.

Key Observations

  1. Price Action: The price is at 0.29974 (by the time of this writing), showing a slight increase (+2.36%) from the previous analysis. This indicates a minor bullish recovery, continuing the trend from the last update.

  2. EMAs: The price remains below the 7 EMA (0.30274), 21 EMA (0.31614), and 99 EMA (0.33748). This confirms the continuation of the bearish trend.

  3. Volume: The volume is moderate, suggesting that the buying pressure is not very strong.

  4. MACD: The MACD line is still below the signal line, but the MACD histogram is turning slightly positive, indicating a potential decrease in bearish momentum. This is consistent with the previous update.

  5. RSI: The RSI is at 45.75198, indicating neutral to slightly bearish momentum.

  6. STOCHRSI: The STOCHRSI is at 47.66406, suggesting neutral momentum.

Analysis and Interpretation

  1. Minor Bullish Recovery Continues: The slight price increase indicates a continuation of the minor bullish recovery observed in the previous update, but the overall trend remains bearish.

  2. Continued Bearish Trend: The price remains below the key EMAs, confirming the continuation of the bearish trend.

  3. Weak Buying Pressure: The moderate volume suggests that the buying pressure is not very strong, and the recovery may be temporary.

  4. Potential Decrease in Bearish Momentum: The MACD histogram turning slightly positive continues to indicate a potential decrease in bearish momentum, but a bullish crossover is not yet confirmed.

Scenario Analysis and Trading Decisions

Both The Bearish and Bullish Scenario in this update are pretty much still the same as my previous update. Nothing really much change for The Wave Count and The Fibonacci Retracements and Extensions.

So, consider giving my Stellar Lumens XLM Elliott Update 7 yesterday to confirm and decidw your trading plan.

Well, I think, that's it for today's update, we'll wait until we have further move. Let me know if you have any questions or need further clarification in the comment below, I'll get back to you soon.

Last but not least, remember, this is not financial advise and should not be considered into one. Trading is risk, always do your own research. As always, may you alqays be happy, healthy and wealthy. Happy trading, cheers... 🍻

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