XLM Price Prediction: Can XLM Break Above $0.600?

The Stellar price prediction is recovering from the daily opening price at the $0.438 level as the price continues to fluctuate.

The Stellar price prediction is recovering from the daily opening price at the $0.438 level as the price continues to fluctuate.

Stellar Prediction Statistics Data:

Stellar (XLM) exemplifies the potential rewards of early adoption in cryptocurrency, with a staggering +40,900.71% rise from its all-time low of $0.001227 on November 18, 2014, despite currently being -46.37% below its all-time high of $0.9381 on January 4, 2018. Trading between a 24-hour low of $0.4204 and a high of $0.5294, Stellar highlights the significant growth opportunities in crypto for those who invest early and stay informed.

The daily chart for XLM/USD reveals an interesting technical structure that aligns with its recent bullish performance. Stellar (XLM) has been trending upward, breaking out of its earlier consolidation phase. At the time of writing, Stellar is changing hands at $0.505, having gained over 15.23% since the beginning of the European session. However, with the latest recovery, the coin is likely to cross above the upper boundary of the channel to increase the bullish movement.

Stellar Price Prediction: Can XLM Break Above $0.600?

The Stellar price recently confirmed a breakout from its prior descending trendline. This is a significant bullish signal, as it marks the end of a sustained downtrend and signals the beginning of a potential new uptrend. The breakout coincided with an increase in trading volume, though current levels suggest that further volume accumulation is necessary for sustained movement. As of now, XLM is trading near its key resistance zone at $0.500 – $0.520, a range that has historically acted as both support and resistance.

However, should Stellar trade below the 9-day and 21-day moving averages, a bearish movement could bring the price to the supports of $0.300, $0.250, and $0.200 while a spike above the upper boundary of the channel could hit the potential resistance levels of $0.700, $0.750, $0.800 respectively. Meanwhile, the 9-day MA is hovering above the 21-day MA, indicating a possible bullish movement.

XLM/BTC Could Break to the North

Against Bitcoin, the Stellar price is heading to the north as the coin moves above the 9-day and 21-day moving averages. Nevertheless, following the recent positive sign, the current market movement may begin to follow an uptrend if the buyers push the price above the upper boundary of the channel.

Moreover, as the technical indicator, the 9-day moving average remains above the 21-day moving average, once the buyer increases the bullish pressure, the market price could hit the resistance level of 750 SAT and above. Meanwhile, a bearish retest toward the lower boundary of the channel could lower the price to the support level of 280 SAT and below.

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