In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed and discussed:
- Stellar (XLM)
- Solana (SOL)
- TomoChain (TOMO)
- Lido DAO (LDO)
- Dusk Network (DUSK)
- Chainlink (LINK)
Let’s dive in.
Stellar - XLM/USDT
XLM has recently broken its blue Macro Downtrend to kickstart a new macro uptrend.
Monthly Close beyond this blue Macro Downtrend will only confirm a likely start to a new macro uptrend.
Over the past few months this year, XLM has been ascending at Higher Lows, clearly curving upwards (black).
Despite rejecting from the strong resistance area (red), now XLM has the chance to position itself for a crucial support retest that could enable a revisit of those red highs.
Monthly Close above the blue region here would likely position XLM for a retest of the blue region.
Generally, even on lower timeframes, XLM could dip into blue and retest this region in an effort to turn it into new support.
Fail to retest the blue region however and XLM could actually go for a retest of the Macro Downtrend instead.
For the moment however, XLM is positioning itself for a retest of the blue region.