The Stellar (XLM) Price Breaks Out and Reclaims Support
The Stellar (XLM) price has made significant moves in recent days. On October 19, it broke out from a 100-day descending resistance trendline, signaling a potential reversal. Four days later, it reclaimed the $0.110 horizontal resistance area that it had previously fallen below.
Stellar Reclaims Support After Deviation
Looking at the daily timeframe chart, XLM had been under a descending resistance trendline since July, reaching a low of $0.101 on October 12. Although the price initially broke down from the $0.110 support area, it quickly regained its footing.
XLM Price Prediction: Has the Reversal Begun?
The Relative Strength Index (RSI) from the daily timeframe supports the ongoing increase in the XLM price. With an RSI above 50 and increasing, there are indications of a bullish trend. Cryptocurrency trader Sherlockwhale also believes that this upward movement will continue, considering the deviation as a strong bullish sign.
If the XLM price continues to rise, it could face resistance at $0.160, which is created by a horizontal resistance area and the 0.618 Fib retracement level.
Hot Take: Stellar’s Positive Momentum
Stellar (XLM) has experienced a breakout and reclaimed key support levels, indicating positive momentum in its price movement. The recent deviation from the descending resistance trendline and successful reclaim of the $0.110 area suggest a potential reversal for XLM. Additionally, technical indicators such as the RSI point towards a bullish trend. Traders and investors should closely monitor further price movements to see if XLM can sustain its upward trajectory and potentially reach the next resistance level at $0.160.
By
By
By
By