- XLM poised for a potential breakout towards $0.37 resistance level.
- Buy the dip at $0.30 for a promising XLM rally.
- Technical indicators align for XLM’s surge to $0.37 resistance.
According to @ali_charts, the price of Stellar (XLM) could soon experience a significant upward move. XLM has recently dipped to a support level around $0.30, presenting an attractive opportunity for traders to “buy the dip.”
The forecast suggests that once the market stabilizes, XLM could rally towards the $0.37 resistance level. This analysis presents a potential trading strategy for those seeking to capitalize on short-term price movements.
Currently, the price of XLM hovers around $0.32, with analysts predicting a breakout in the coming days. The support level at $0.30 has historically held up well, with XLM bouncing from this price point multiple times in recent months. As the cryptocurrency market remains volatile, this technical setup could indicate a bullish reversal.
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Technical Indicators Show Support for XLM Bounce
On closer inspection, technical indicators are aligning with the idea of a potential rally for XLM. A look at the price chart reveals a narrowing range between key support and resistance levels. With the lower boundary around $0.30 and the upper boundary nearing $0.37, the cryptocurrency may be preparing for a breakout.
Additionally, other charts, such as the one showing XLM trading against the US Dollar, support this theory. XLM recently traded within the Bollinger Bands, bouncing off the lower band, which suggests that the price is in a consolidation phase.
RSI readings are also near the neutral zone, further suggesting that XLM is not in an overbought or oversold state, but rather waiting for a catalyst to drive the next move.
Source: Tradingview
Moreover, the 20-period Simple Moving Average (SMA) is acting as a potential pivot point. As the price stabilizes above the SMA, it could pave the way for further price action toward the upper resistance at $0.37. The resistance level at $0.35, observed on several occasions in recent weeks, may act as a first target before the anticipated move toward $0.37.
Stellar’s Key Resistance Levels and the Path to $0.37
Stellar’s price has been trading within a well-defined range, and as market conditions evolve, it’s important to monitor its approach toward critical resistance levels. The price is currently flirting with the $0.35 mark, a key area that could trigger further bullish momentum if broken.
If XLM manages to sustain a breakout above this price point, it could pave the way for the cryptocurrency to reach the next significant resistance around $0.37.
This level of $0.37 has been identified as a target by technical analysts, based on previous price movements. Additionally, breaking above this resistance could signal that the current consolidation phase has ended and a new upward trend is beginning. Traders are advised to stay alert for any price action above $0.35, as it could serve as an indicator for a bullish run.
With market conditions remaining volatile, traders are closely watching XLM’s price action. If the price can break above the $0.35 resistance level, a surge toward $0.37 could be in the cards. Those looking to enter the market may want to consider accumulating XLM near the $0.30 support, while setting their sights on the higher target levels.
Also Read: Venezuela Turns to Cryptocurrency to Evade U.S. Sanctions and Sustain Oil Trade with China
