A closer look into Stellar’s [XLM] daily chart presents this opportunity

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Stellar (XLM) was approaching to retest $0.168 within a falling wedge and was close to a make-or-break situation in the coming times. A move below its immediate support could spiral into an undesired loss by opening a route to $0.1617.

A likely upswing from its immediate floor would position the altcoin for a revival rally in the near term. At press time, XLM traded at $0.1739, up by 1.91% in the last 24 hours.

Source: TradingView, XLM/USD

Since XLM did a one-eighty from the $0.8-level and plunged to consolidate between the $0.168-$0.39 range for over a year. This bearish phase marked a down-channel (white) on its daily chart as the alt lost nearly 63.4% (from 10 November) and hit its 13-month low on 24 February.

Meanwhile, the EMA ribbons constricted most recovery over the last five months. However, the mid-March bullish revival propelled a much-desired hike that halted at the $0.23-level. Since then, the sellers have recouped their force while triggering a falling wedge decline over the last month.

As this wedge approached the 16-month support at the $0.1688, XLM could repeat history by igniting a short-term bull run. But with the rising gap between the EMA ribbons, this rally would likely be halted by the bonds of its Point of Control (POC, red). 

Source: TradingView, XLM/USD

The RSI depicted a strong selling edge while witnessing a steep downward slide below the mid-line. A close below the 36-mark could propel a recovery from the 32-base. 

Over the last four days, the bearish CMF pulled off higher peaks on the daily timeframe. Thus, revealing a bearish divergence with price. However, the OBV