VIP MARKET UPDATE: $XLM
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$XLM is trading around the 0.1776 area after breaking out of the descending channel that was highlighted in the last update and staging a clean recovery that pushed price to the 0.1840 highs. The ascending trendline that has been guiding price higher since mid April remains intact and price is now pulling back to retest the 0.1776 horizontal level that has been acting as support since the breakout, which is a natural and healthy development within this structure.
As long as XLM holds above the trendline and the 0.1760 area, the structure remains bullish and the breakout from the prior descending channel continues to play out as expected. A loss of the trendline on a closing basis would be the first warning sign, while a reclaim of the 0.1820 area with conviction would put the 0.1840 highs back in focus.
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