Stellar (XLM) price is trading at $0.3514, reflecting a 1.40% decline for the day. This happens as the cryptocurrency nears its crucial support level of $0.33. The asset has pulled back significantly from its recent highs, with bearish sentiment dominating in the short term. However, technical indicators and analyst predictions suggest potential upside if key levels hold.
Stellar Price: Key Support and Resistance Levels
The first level of resistance for the XLM is at $0.33 that is the level of price consolidation. A breakdown below this level could lead to further declines. The next major support level is at 0.30 and a long-term support at 0.0950.
Concurrently, support levels to look for are $0.37 which is the recent high while $0.3942 is the 13-day moving average.
If XLM price resumes its upward movement, the $0.50 level may provide the next major point of interest. The price is close to these levels, which means that the next few days will be critical for defining the short-term trend of Stellar.
Indicators Point to Potential Rebound
The RSI for Stellar is currently at 40.74 which suggests that the asset is close to being oversold. In the past, XLM has rallied when the RSI got to similar levels indicating that buyers may be coming into the market.
Furthermore, the TD Sequential Indicator has shown a buy signal on the daily chart. It is represented by a green “9.” This means that the current bearish trend may be reaching its end. But, for the rebound to be seen, the $0.33 support level must be maintained. A rise in buying volume will be important.
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Recent trading volume reveals signs of sell and green buying; volume peaks at particular moments of price falls. The current trend of the overall volume indicating decreased market activity can be reversed by buy-side demand near $0.33.
Trader’s fear is still high and this, therefore, implies that the market is bearish in the short term. But, the long investors can see this period as a chance to buy. As Stellar is a key player in cross border payments and blockchain technology domain.
Analysts’ Insights: A $2 Target for XLM?
Different opinions have been made by various analysts regarding the future price of Stellar. Crypto analyst Ali also explains that the $0.33 is a critical support level that may hold the key to the currency’s rebound. Ali points out the TD Sequential buy signal and advises traders to pay attention to increasing buying volume as the sign of bullish reversal.
On the other hand, EGRAG CRYPTO, another analyst who has also shared his views on Stellar, has priced it at $2.00 in the long run. This level has been referred to as the “Mouse’s Moustache” and EGRAG sees a rally that could take XLM to the “Mouse’s Ears” at $2.00 and $2.27 a 371% move. This projection fits with previous trends and the total potential of XLM as a currency.
What next the next move for Stellar Price
If XLM price stays above the $0.33 mark, it might be seen pulling back to $0.37 and $0.3942 and if it breaks past $0.50, then $0.50 might be on the cards. Continued upward price action, backed by high trading volume may well endorse the lofty price objective of $2.00 targeted by analysts.
If the price fails to hold the $0.33 support level, it could decline to $0.30. However, if the bearish trend continues, (XLM) could even fall to the long term support of $0.0950, which would break the morale of the short term trader.
Some of the longer-term goals, such as the $2.00 target set by EGRAG CRYPTO, suggest that Stellar has a strong future as part of the blockchain and cross-border payments markets. For now, the attention is still on whether XLM will be able to hold its support levels and start pushing for a rebound.
