On July 13, the price of #Stellar Lumens witnessed a notable surge, reaching a fresh yearly high. Though it has experienced a subsequent decline, the price action and indicator readings across various timeframes remain favorable for a bullish trend reversal. These indicators indicate that the upward movement in price is far from over and may potentially lead to another new yearly high.
XLM saw a steep decline after reaching its all-time high, forming a long upper wick. However, it has held above the $0.13 level, acting as reliable support. The daily RSI is retreating from overbought territory, suggesting consolidation after the rally, while the MACD remains bullish with the histogram above the signal line.
After breaking out of its tight trading range, XLM surged to a yearly high of $0.1977. However, this bullish momentum was met with a sharp retracement, causing the price to dip close to the $0.1250 support level. Currently, the price is hovering just above this crucial level, and signs of a potential rise are emerging.
XLM is facing resistance at $0.1450 and a major hurdle near $0.1500. A decisive break above $0.1500 could pave the way for a potential rally towards the $0.1620 level, which aligns with the 50% Fibonacci retracement level. If the bullish momentum persists, the price might further advance towards $0.180 or even reach the $0.1950-$0.2000 range.
On the downside, if XLM fails to surpass the resistance zone at $0.1600, initial support may be found near the $0.1250 level. The primary support area is situated around $0.1100. In the event of further losses, the price could potentially drop to $0.1000 in the near term. In a more bearish scenario, a retest of $0.0908 may come into play.
According to CoinGabbar Price Analysis estimates that the market capitalization of this #XLM is $3,787,410,130. The 24-hour trading volume of the coin is around $261,187,796.
KEY LEVELS :
RESISTANCE LEVEL : $0.1450-$0.1550
SUPPORT LEVEL : $0.1300-$0.1250
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.