Like most of the assets, XLM has also finalized the 5 Elliott Wave Motive Structure in weekly charts. However, XLM started the ABC corrective action earlier than the rest around April 2021. Therefore the ABC Wave correction is about to be completed. The important Fibonacci support levels for the XLM are currently standing at $0.12 and $0.068.
The daily wave trend oscillator indicates that XLM is in the oversold area and weekly is about to turn positive. As different from the rest of the currencies, the XLM Monthly wave trend oscillator is in better shape however it is early to say the trend is up for XLM.
Weekly Chart of Stellar, XLM
Considering the RSI figures, XLM in the daily charts represents the oversold area as well as wave trends. Weekly RSI tends to double tap on the previous dip level which is also close to the oversold area. The monthly RSI figure is above 50%.
Further side moves above this level can bring XLM up to the $0.34 level. We need to close above $1.05 in order for us to say XLM is on an uptrend and targets $1.76 and $8.9 with the Fibonacci levels of 261.8% and 361.8% respectively.
I trust XLM in the long run such as XRP since the use cases would be similar to each other. They are both handling cross-border payments. XLM is slightly different from the XRP use case since it can be available for the ones who don’t have access to the traditional banking network.
To sum up, XLM is in better condition compared to the other assets however, it is crucial to monitor the $0.12 level since there is a struggle currently to close above this level. We will be closely keeping an eye on this level.