- Stellar price prediction uncovers the strong bullish sentiments of the XLM coin
- The XLM crypto price delivered year-to-date gains of 129.82
- XLM token price peaked at $0.1977, marking a new high since February 2022
Stellar’s (XLM) price prediction uncovers the strong bullish sentiments of the XLM coin price that started a bull run in June 2023. Prior to this, the XLM token price witnessed a decline of 34% from the resistance to the support level of $0.0751. However, the market made a strong bullish recovery of almost 160%, and the price peaked at $0.1977. This marked a new high since February 2022.
At the time of writing, the current market price of Stellar is $0.1628.. The 24-hour trading volume plunged 11.63%. The market is up by 9.56% in the last 24 hours. The overall market cap of XLM is $4,440,496,621.
The Daily Time Frame Shows Strong Buying
Stellar’s (XLM) price prediction points at the strong bullish market structure of the XLM token that broke multiple resistance levels, flipping the overall trend to bullish. The market began rising in June 2023 and reached a resistance of $0.1148. By this time, the XLM token price had broken the 200 EMA to the upside.
The price went down for a pullback and took a bounce from the support aligning with the 200 EMA, sparking strong bullish momentum to the upside. At present, the price is getting supported on the 9 and 15 EMA while bouncing from the local support of $0.129. Meanwhile, the price is also losing momentum, which can be observed in the declining volume.
The Short Term reveals the formation of a symmetrical triangle.
The 4-hour chart shares an image of a strong uptrend as the price floats above the 200 EMA. Meanwhile, the price is getting squeezed in a symmetrical triangle pattern, and the volume has declined. This points to the upcoming volatility that may arrive in the short term. The symmetrical triangle takes the form of a bullish pennant, as it is formed in a strong uptrend.
If the price breaks the pattern to the upside, the XLM token price may start its next leg to the upside, with a bullish target of 60%, reaching beyond the resistance of $0.2418. It may be very possible, but the Bitcoin price may have an influence over the direction of the XLM token. It’s better to have an open mind and be prepared for anything.
RSI
The RSI indicator is currently at 64.78 It represents strong bullish conditions where the price may surge aggressively. The market is oversold and the price may continue to rise until the RSI goes below 50.
MACD
MACD has made a bullish crossover below the 0 line. This is an indication of a bullish momentum and the price may rise until the MACD makes a bearish crossover.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA
Conclusion
Stellar’s (XLM) price prediction uncovers the strong bullish sentiments of the XLM coin price that started a bull run in June 2023. The current trend is bullish, which increases the chances of higher prices in the short term. The investors are waiting for the price to break the symmetrical triangle, as it may give a buy signal. However, the market will be volatile, and it would be best to maintain a good risk management strategy to avoid losses.
Technical Levels
- Support Level: The nearest support level is $0.1279
- Resistance Level: The nearest resistance level is $0.1739
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.