XLM - Technical review and analysis

XLM had quite a range trend last week. Still, due to the selling pressure over the currency two weeks ago, which neutralized the reversal scenarios, the previous floor in the $0.080 range was completely broken, and the area is now facing resistance. It has become serious and important. Also, the dynamic resistance that we considered from the past on the chart overlaps with the static resistance, and we cannot expect to break these levels, at least in the first encounter.

The buyer's lack of willingness and power in this currency has caused its price to return to very sensitive areas in the weekly time frame. The current support being broken is exactly at the range where a strong upward move from this level was seen in 2020. But the second support is within the scope of changing the price trend from downward to upward in 2020. Therefore, the second range has a very high power to reverse the trend and a positive swing in the short term.