Bullish Pattern Forms (1D Chart)

MACD: The 12-MA has now bullishly passed through the signal line for the first time since March, with increasing buying volume appearing on the histogram.

RSI: The indicator line has spiked dramatically over the last 24hrs – with the asset now looming dangerously close to the overbought region after surging from 46% to the 67% mark. For now, there appears to be no deviation in the rising RSI trend which suggests bullish momentum is continuing to build behind the asset.

Further bullish confirmations can also be seen on the Chaikin Money Flow (CMF), where the indicator line is now holding above the zero line as buying pressure behind the asset increases.

Stellar Lumens Daily Chart

On the 1D XLM/USD [coin_price coin=stellar] we can see a bullish inverse Head and Shoulders (H&S) pattern has almost completely formed.

Over the past 4 weeks, the final part of the pattern – the right shoulder – has started to take shape, with the price action now heading towards the neckline level at $0.013337. Once the asset break above this price point, we should expect a strong bullish rally to ensue.

Looking at the Fibonacci levels above, the breakout targets for the bull-run are likely to be around the 0.5 ($0.179), the 0.618 ($0.204) and the 0.786 (0.241) Fibonacci levels, which have all been major S/R levels during the past 6 months.

Also read: XRP Surges as Coinbase Adds Full Support for New York Residents. 

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