AI's Stellar (XLM) Price Prediction for April – Here's What Holders Should Know

April is knocking on our doors now after one of the worst quarters in the history of crypto, and traders are hoping the next one will be better.

Stellar (XLM) has been showing some weakness recently as the crypto market struggles to recover.

Stellar’s Price Predictions For April

If the market continues its bearish trend, XLM could fall to around $0.22-$0.25. This possibility arises from the recent downward price action and the sustained market pressure. Many traders will be closely watching these support levels.

The most likely scenario is that XLM will trade in the range of $0.26-$0.32. Current market conditions and technical analysis suggest this possibility. It’s less likely to see XLM moving above $0.35 or dropping below $0.20.

In the best-case scenario, Stellar’s price could attempt to rally towards $0.35 or maybe even $0.40. However, such a rally would require a shift in market mood and some positive news related to XLM. These resistance levels would be the first targets if the bulls manage to take back control of the market.

What’s Keeping The XLM Price Down

Technical indicators on the 4-hour chart are mostly neutral. The Relative Strength Index (RSI) stands at 54, indicating that XLM is neither overbought nor oversold. The Ultimate Oscillator is at 46, suggesting no clear direction in momentum. The Commodity Channel Index (CCI) is at 56, also showing balanced momentum.

The Rate of Change (ROC) is at 143.3, which highlights the strong price movement in recent times. This signals the high volatility present in the market.

A significant factor affecting XLM is the broader cryptocurrency market. With Bitcoin now struggling to hold onto its gains for the year and majorly down from its January peak of $109,000, altcoins like Stellar are also facing pressure.

XLM tends to follow the broader market trends and reacts accordingly. This close connection to Bitcoin is something XLM traders and investors will need to keep in mind as the market navigates this period of volatility.

Factors That Could Change The Game

Stellar’s growth and partnerships will be crucial in determining its price performance. Any new deals with financial institutions or updates on Stellar’s technology could influence its value. However, there hasn’t been any major news related to XLM that might push the price up drastically in the short term.

The ecosystem around Stellar also plays a part in its price. More apps and services being built on Stellar could bring in new users and increase demand for XLM.

Any improvements to the Stellar network technology might attract investors who are looking for promising blockchain projects to invest in, especially with the bear market persisting.

Past prices can give us an idea of what to expect from XLM in the coming months. The recent peak of $0.57, reached during December’s bull run, and the all-time high of $0.93, which was hit in 2018, are significant levels that XLM would need to break through to move much higher.

These historical price points provide some context for considering the possibilities of a more substantial rally in the XLM price if market conditions improve.

This analysis suggests that April could be a month of cautious observation for XLM holders. The coin currently shows neither strong bullish nor bearish signals. Patience might be the best strategy as the market tries to find its footing after a challenging start to the year.

The post AI’s (XLM) Price Prediction For April- What Should Traders Know? appeared first on Benzinga.