$XLM Price (Stellar) Surges Along $XRP , Can Bulls Push It To $0.12?
#Stellar (XLM) has seen a strong surge above the $0.0950 resistance against the US Dollar, with the price now gaining momentum & potentially targeting $0.120.
Stellar Price Surges Over 10%
After establishing a solid support base above $0.0750, Stellar (XLM) experienced a notable increase above $0.0850 against the US Dollar, riding on the coattails of XRP’s surge. The token outperformed Bitcoin in the short term, gaining over 10%.
The price broke through the $0.0950 and $0.100 resistance levels, reaching a high of $0.1043. Currently, it is consolidating gains after a minor decline below $0.10. The price tested the 23.6% Fibonacci retracement level of the recent rise from the $0.0757 low to the $0.1043 high.
XLM is now trading above the $0.10 resistance and the 100-hourly simple moving average. A significant bullish trend line with support near $0.0980 is forming on the hourly chart of the XLM/USD pair.
Potential Upside and Targets
The immediate resistance is near the $0.1050 level, with the next major resistance at $0.1120. Surpassing this could lead to testing $0.1150. A close above $0.1150 might initiate a steady increase towards $0.1200 and $0.1250. Further, the next major targets could be $0.1300 or even $0.1320.
Support Levels and Potential Corrections
If XLM struggles to maintain its upward trajectory, it might undergo a downside correction. Immediate support lies near the $0.0980 level or the trend line. The next major support is around the $0.090 level or the 100-hourly SMA. A clear break below the $0.0900 support zone could trigger a fresh decline, with the next significant support near $0.0800.
