The current trading situation shows #Stellar Lumens priced above $0.150 in comparison to the US Dollar, exhibiting a similar trend to Bitcoin. For a potential uptrend to take place, XLM's price must successfully clear the $0.170 mark.
Following a period of steady growth, the Stellar Lumens price experienced a corrective downturn below the $0.180 level against the US Dollar. This correction caused the XLM/USD pair to slip beneath the $0.165 support, eventually testing the $0.140 zone.
Following a bottom formation near $0.1402, Stellar Lumens (XLM) is currently in the midst of a recovery wave. Notably, it successfully broke above the $0.145 resistance zone on the 4-hour chart.
Moreover, a significant bearish trend line, previously capping gains around $0.145, was breached as well. The price further surged above the 50% Fibonacci retracement level of the downward move, which extended from the $0.1809 swing high to the $0.1402 low.
As of now, XLM is trading above both $0.155 and the 200 hourly simple moving average, signaling a positive momentum and potential for further gains in the short term.
XLM is encountering resistance around the $0.165 area. The next significant hurdle lies at approximately $0.180. A decisive breakthrough above this level has the potential to propel the price towards the $0.192 mark. Subsequent further gains could push the price higher, targeting levels around $0.200, or even extending to $0.2150.
If XLM fails to surpass the $0.1650 mark, the first support on the downside emerges around the $0.1500 level. The primary support is situated near the $0.1400 zone. Further downward movement could potentially drive the price towards the $0.1250 level in the near future. If this level is breached, there is a possibility of the price retesting the $0.1120 support level.
According to CoinGabbar Price Analysis estimates that the market capitalization of this #XLM is $4,230,087,671. The 24-hour trading volume of the coin is around $116,767,816.
KEY LEVELS :
RESISTANCE LEVEL : $0.1650-$0.1800
SUPPORT LEVEL : $0.1500-$0.1400
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.
