XLMUSDT - ABC correction
2024-12-09

XLM had an increase of over +600% in just 20 days followed by a 15-day consolidation phase suggests an exhaustion of the previous trend. The sideways movement aligns with an ABC correction, where wave C is likely unfolding.

 Key Levels and Confluence 

Trend-Based Fibonacci Extensions:
1:1 Target for Wave C: $0.3873
Key Support Zone:
$0.3725−$0.3873

 Market Sentiment 

Lack of Volume: Reflects reduced interest from buyers, confirming a bearish bias.
Below Weekly and Monthly Opens: These levels often act as dynamic resistance, showing bears are in control for now.

