XLM Evening Market Analysis and Forecast

November 17, 2024

Market Beginning

The latest data shows that the current price of Stellar (XLM) is $0.2064, with a daily high of $0.2257 and a low of $0.1887. The market fluctuates greatly, and the long and short sides are in fierce competition. The current trading is in the consolidation stage.

Technical Analysis and Key Points

• Support level:

• $0.2000: an important psychological support area.

• $0.1887: an intraday low, if it falls below, it may test a lower area.

• Resistance level:

• $0.2150: a short-term resistance level, which needs to be effectively broken through to confirm the upward movement.

• $0.2257: an intraday high, which is expected to open up room for growth after breaking through.

Technical indicators:

• RSI: currently 58, indicating that the price is in a neutral to bullish area, with further room for growth.

• MACD: Bullish momentum slows down, but still above the zero axis, and the short-term trend is positive.

• Bollinger Bands: The price is approaching the middle track. If it breaks through the upper track, it may usher in a rapid rise.

Short-term contract strategy

Long strategy

• Entry point: A light position can be arranged near $0.2000.

• Take profit target: The first target is $0.2150, and the second target is $0.2250.

• Stop loss: Set at $0.1980, strictly control the risk.

• Logic: There are signs of stabilization near the support level, accompanied by increased trading volume, and there is hope for a short-term rebound.

Short strategy

• Entry point: If the price is blocked at $0.2150, you can try to short.

• Take profit target: The first target is $0.2000, and the second target is $0.1887.

• Stop loss: Exit after breaking through $0.2180.

• Logic: The resistance level is obviously suppressed, and short sellers may have the upper hand in the short term, pushing prices back.

Operation suggestions

The market has been volatile recently, and investors are advised to wait patiently for the breakthrough or retracement confirmation signal of key positions. Strictly implement the stop-loss strategy, control the position, and do not chase the rise and fall to ensure the safety of funds. $XLM