Stellar's carving out a textbook corrective structure right now, and it's worth walking through why the next leg down might actually be the setup, not the risk.
$XLM Price ran hard from around $0.166 up to nearly $0.199, then rolled over into a clean sequence of lower highs. First bounce came at $0.1880, second came lower at $0.178-0.180, and price is sitting right at $0.1794 now, testing that same shelf again. Each bounce in this correction has come from progressively lower ground than the one before it, which is the kind of pattern that usually resolves with one more flush before it actually turns.
If that holds, the level worth watching isn't here. It's the $0.166-0.170 zone underneath, the same area price launched its original impulsive rally from. A retest of that zone would put price back at the last spot committed buyers actually stepped in the first time, which tends to be a structurally sound place for a correction like this to terminate rather than just another number on the chart.
Worth being upfront that current price is already sitting on a level some are treating as legitimate support in its own right, with a deeper floor cited further down near $0.159. So there's a real chance this holds right here instead of extending lower. But given the sequence of lower highs and lower supports this correction has shown so far, the higher probability read is one more leg down into that $0.166-0.170 zone before any real reversal attempt, not a bounce off the level it's testing right now. #BTC Price Analysis# #Altcoin Season#
$XLM Price ran hard from around $0.166 up to nearly $0.199, then rolled over into a clean sequence of lower highs. First bounce came at $0.1880, second came lower at $0.178-0.180, and price is sitting right at $0.1794 now, testing that same shelf again. Each bounce in this correction has come from progressively lower ground than the one before it, which is the kind of pattern that usually resolves with one more flush before it actually turns.
If that holds, the level worth watching isn't here. It's the $0.166-0.170 zone underneath, the same area price launched its original impulsive rally from. A retest of that zone would put price back at the last spot committed buyers actually stepped in the first time, which tends to be a structurally sound place for a correction like this to terminate rather than just another number on the chart.
Worth being upfront that current price is already sitting on a level some are treating as legitimate support in its own right, with a deeper floor cited further down near $0.159. So there's a real chance this holds right here instead of extending lower. But given the sequence of lower highs and lower supports this correction has shown so far, the higher probability read is one more leg down into that $0.166-0.170 zone before any real reversal attempt, not a bounce off the level it's testing right now. #BTC Price Analysis# #Altcoin Season#
