- The XLM coin price has given a breakout from the $0.1409 resistance level.
- Technical indicators summary suggested a strong positive signal in the current phase.
- Stellar’s trading volume has increased by 20.95% in the last 24 hours.
Created in 2014, Stellar (XLM) is a peer-to-peer (P2P) decentralized network. The network aims to connect the world’s financial systems. It ensures a protocol for payment providers and financial institutions. The Stellar consensus protocol secures the network. It has four main properties: Decentralized control, low latency, flexible trust, and asymptotic security.
XLM Coin Price Moving in Bullish Sentiments for the Last Six Months
On July 13, 2023, the XLM coin price made an impulsive bullish candle, which struck the $0.1962 resistance level. The price moved by over 100% in a single day from the $0.0947 support level. It made this level a strong demand zone for future rallies.
However, the price failed to break above the $0.1962 resistance level. It faced resistance from the $0.1809 level and fell below the $0.1361 support level. Stellar price declined 43% to the $0.1019 major bullish point of interest (POI).
Conversely, crypto investors are eagerly waiting for this opportunity. Many of them assembled on the $0.1019 level, resulting in an upsurge of 35%. The price reclaimed the $0.1361 resistance level but was unable to exceed this level.
Stellar price fell 22% to the $0.1078 major demand zone, which became the reason behind this current bullish rally. The current XLM price is moving 84.06% below its all-time high price. The current market capitalization stands at $4.29 Billion.
Technical Analysis of the Stellar Coin
The 50-day and the 200-day EMAs had a bullish crossover at $0.1176, which boosted the current XLM price in an uptrend. The price is moving above both the EMAs, reflecting a bullish trend.
XLM coin price has respected the $0.1078 demand level, which resulted in a breakout of the $0.1361 resistance level. The price surged by over 26% from the demand level, making a bullish point of interest (POI) on the $0.1409 support level.
The price faced resistance from the $0.1590 level. It may take a bullish correction on the $0.1409 support level. Afterward, the XLM price can be expected to reach the $0.1703 resistance level.
On the other hand, the relative strength index (RSI) shows strong strength in momentum above the 70-mark upper band. It reflects an internal bullish divergence in the momentum. RSI is sloping at 81.47 above the signal line.
Summary
Stellar price has recently shown a strong bullish momentum from the $0.1078 demand level. It broke above the $0.1361 resistance level and surged to the $0.1590. XLM price prediction will be bullish, as per the market observers. The price can make a bullish correction on the $0.1409 support level. Afterward, it may reach the $0.1809 resistance level.
Technical Levels
- Resistance Levels: $0.1590 and $0.1809
- Support Levels: $0.1361 and $0.1078
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.