The price of Lumens (XLM) after creating the classic bullish engulfing, can point to the following price range.
Lumens: technical comment
The last two sessions on Lumens (XLM) have been bullish, specifically the day yesterday on March 04 the price opened trading at 0.3468 dollar cents going to test area 0.33, then retrace completely and close in the 0.3628 cents area dollar. The resistances to keep under observation are: 0.4550 and subsequently 0.64.75 cents of dollar, while for the supports: 0.3055 and 0.1735 cents of dollar.
For those wishing to buy Lumens
To buy in the market or above area 0.40 dollar cents with stop loss at 0.3055 and take profit in the 0.4550 area and then 0.50 cents of dollar.
For those who currently hold Lumens
Maintain the position as the price has rebounded on medium to long term support.
For those who want to sell Lumens
Possible bearish admissions only to the break of the static support in area 0.3058 dollars with stop loss positioned at 0.40 and first target in the area 0.1735 dollars.