Usman Salis
⬤ Stellar Lumens (XLM) stays close to $0.2428 while traders watch the wave pattern develop. A broader wave four shape can still form - analysts treat a triangle inside that wave as one option. An instant upward break appears unlikely - $0.294 is the next target.
⬤ The chart displays a correction after wave three ended - the move splits into parts A, B besides C. XLM lies under a Fibonacci block that runs from the 38.2 % retracement at $0.294 to the 61.8 % retracement near $0.352. The 50 % retracement sits at $0.3219 completing the block. If the price falls, the chart marks supports at $0.1615, $0.1226, $0.1036 and $0.0785 - yet none of those levels draw attention for the near term.
⬤ The plan to test $0.294 matches the first major Fibonacci level inside that block - the market would likely respond there if XLM edges higher. The price remains well under the retracement block - an immediate breakout seems unlikely.
⬤ The shape of the correction decides when the larger trend resumes. Retracement marks like $0.294 serve as checkpoints for momentum and for structural change. XLM now trades at the low end of its range - its reaction near those blocks will decide the next step for Stellar.
Usman Salis
