By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On November 19th, the XLM keeps decreasing in price, generally trading at $0.0657.
On D1, the XLM/USD quotations have broken out the resistance line of the long-term channel. The breakout was quite confident but now the prices are forming an impulse of decline to the local support near $0.0626. A breakout of this level may let the quotations fall to $0.0440. The resistance is near $0.0875. Further decline is confirmed by a Black Cross forming on the MACD.
On H4, the downtrend can be seen in more detail, and the channel looks rather stable. However, the scenario with a bounce off the target support level should not be ignored. On the Stochastic, the lines have entered the oversold area, which might mean upcoming correctional growth to the local resistance at $0.0720. However, the growth needs to be confirmed by a Gold Cross on the oscillator.
50 million of XLM coins were transferred to the Kraken exchange. It was evaluated as $3.6 million, and the price of the Stellar token…