Stellar Lumens XLM/USD has broken the resistance at the 66-cent level and made a big move higher. This isn’t surprising. When important levels break, big moves follow.
The 66-cent level was resistance in April. It was also resistance over the past week before today’s move. Will it hold?
Traders now need to watch for a conversion. Bull markets don’t go straight up. They're like staircases. They form a series of trading ranges, each one higher than the previous one.
When this happens, the level that was resistance or the top of the trading range converts into support and becomes the bottom of the next range. If this happens with the 66-cent level over the next few days, it could set the stage for another move higher.
If it doesn’t, and Monday's action could end up being a false breakout. XLM could fall back through the level and make a big move lower.
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