Can XLM hit $1 this year? Let's find out!
The Stellar price has recorded a strong bullish recovery around its $0.43 mark. By hovering close to that psychological barrier since the week started, this altcoin has formed a resistance/support level around the price range. This further makes it a crucial watch level.
Specifically, with an intraday surge of over 14% with a trading volume of $4.233 billion, the Stellar price has reclaimed the $0.50 mark. Moreover, with the recent bullish candle, this altcoin has formed a flag pattern in the 1D time frame, suggesting a significant increase in the price action.
The Relative Strength Index (RSI) continues hovering above the overbought range in the daily time frame. This highlights an increase in the buying-over-selling pressure for the altcoin in the crypto market.
Further, the EMA 50/200-day has displayed a constant uptrend after experiencing a Golden Cross earlier this month. This suggests that the altcoin may continue gaining value in the upcoming time.
If the bullish sentiment sustains, the XLM coin price will breach its important resistance level of $0.50 and head toward its upper high of $0.60. Maintaining the price above that level could set the stage for this altcoin to retest its upper high of $0.70.
Conversely, if the bears outrun the bulls, the Stellar token will retest its support trendline of the flag pattern. Furthermore, if the bears dominate the crypto space, this could result in it plunging toward its lower support level of $0.40.
