Dark Defender: XLM Has a Bullish Setup & RSI. XRP Will Make the Same Move. Here’s why
What happened
Crypto analyst Dark Defender recently shared an updated technical outlook on Stellar (XLM), positing that the digital asset continues to exhibit a bullish market structure despite recent price fluctuations. In a public statement, the analyst outlined what he described as a bullish setup for XLM, supported by current price action and key momentum indicators.
Dark Defender highlighted that XLM’s 'Wave 3' formation, based on Elliott Wave theory, remains active and could potentially extend towards a 361.80% Fibonacci target level. He noted that achieving this objective largely depends on XLM's price performance around the $0.29 mark, which is identified as a crucial resistance level. The accompanying chart detailed an Elliott Wave structure, suggesting XLM is progressing through a series of projected wave movements.
The analysis indicated a path for XLM to move higher after concluding a corrective phase, with the projected Wave 3 peak targeting the region near $0.39, aligning with the 361.80% Fibonacci extension. The chart also identified other significant Fibonacci levels, such as 161.80%, 200%, and 261.80%, as potential milestones during an upward trajectory. The analyst emphasised that XLM's capacity to maintain strength above $0.29 would be a key determinant for the Wave 3 expansion to reach its maximum target. Additionally, the Relative Strength Index (RSI) was cited as another bullish indicator, showing a sharp rise and approaching overbought territory, suggesting strong bullish momentum.
Referring to a previous analysis from March, Dark Defender suggested that the current market setup for XLM reinforces his longer-term bullish view. He noted similarities between the recent price action and earlier projections, indicating that XLM continues to adhere to a broader wave structure he has been tracking. Beyond XLM, Dark Defender also commented on XRP, stating that it 'will make the same move,' implying comparable technical conditions are developing for XRP. While further details were not provided in his public statement, this remark aligns with his historical practice of comparing the market structures of both XLM and XRP.
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Common questions
How is Stellar (XLM) taxed in Australia?
In Australia, the Australian Taxation Office (ATO) generally treats cryptocurrencies like Stellar (XLM) as property for tax purposes. This means that if you sell, swap, or use XLM to pay for goods or services, it is considered a capital gains tax (CGT) event. Records of all transactions, including purchase price, sale price, and dates, should be kept for tax reporting purposes. For specific advice, it's always recommended to consult with a qualified Australian tax professional.
Can I buy Stellar (XLM) on Australian crypto exchanges?
Yes, Stellar (XLM) is typically available on many prominent Australian cryptocurrency exchanges. Platforms like CoinSpot, Independent Reserve, Swyftx, and BTC Markets commonly list XLM for trading against the Australian dollar (AUD). Investors can usually deposit AUD via bank transfer and then purchase XLM directly on these regulated platforms. Always check the specific exchange to confirm availability and trading pairs.
What regulatory oversight applies to XLM trading in Australia?
In Australia, digital currency exchanges (DCEs) that facilitate the trading of cryptocurrencies like XLM are regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre). AUSTRAC oversees anti-money laundering (AML) and counter-terrorism financing (CTF) compliance for these platforms, ensuring they meet reporting obligations and verify customer identities. While ASIC provides some guidance, direct regulation of cryptocurrencies as financial products is still evolving, so investors should be aware of the inherent risks.
Explore analyst Dark Defender's bullish XLM predictions and how they could impact Australian investors. Learn about XRP's potential parallel moves and what to