XLMUSDT → Attempt to change the local trend
2025-01-23
Category: None

BINANCE:XLMUSDT  is entering the correction phase after attempting to forge an uptrend. Price is breaking support due to the change in market nastreonium and bitcoin correction.

  

Bitcoin is moving into a correction, which is generally creating pressure for the already weak altcoin market. The reason is disappointment from the cryptocurrency community due to the lack of hints about cryptocurrencies in the new President Trump's speech. The market is trying to digest this fact as part of a correction.
XLM is technically breaking the ascending support inside the global descending channel, meaning that the pressure on the market from the bears is still present. 

 Support levels: 0.4177, 0.3896
Resistance levels: 0.460, 0.4955 

The focus is on the previously broken channel boundary and the support level at 0.4177. The price may still test the previously broken channel boundary before falling further. But, a breakdown and consolidation of the price below 0.4177 may provoke sales. 

Regards R. Linda!