- Stellar price prediction portrays an image of a strong bullish market for XLM price.
- XLM price delivered a year-to-date profit of 80%.
- Stellar price recorded a new high at $0.1977 since June 2022.
Stellar’s (XLM) price prediction sheds light on the extremely bullish price action of XLM since the beginning of the year 2023. The XLM Crypto started the year with a recovery from the support of $0.01701. So far, the XLM price has made a bullish recovery of 84.94%. Prior to this, the market declined 32.84% from the resistance of $0.1148 to the support of $0.0752. It was followed by a bullish comeback. The market peaked at $0.1973 and recorded a new high since June 2022.
At the time of writing, the current market price of XLM tokens is $0.1267. The 24-hour trading volume plunged 50.56%. The market is down 1.75% in the last 24 hours. The overall market cap of Stellar is $3,438,999,308.
Can XLM Price Reach $0.300 Soon?
Source: XLM/USDT 1D Chart by TradingView
Stellar’s (XLM) price prediction indicates that the bulls took control after the price reached the support of $0.0752. The market started recovering on June 16, 2023, which escalated the price to break the resistance levels of $0.0845 and $0.0939. After reaching the resistance at $0.1148, the XLM price witnessed a pullback of 15% before bouncing from the support.
The bulls came on board with this pullback and started buying aggressively. The XLM crypto price made a strong bullish move on July 13, 2023, which propelled the price 100% in a single day, peaking at $0.1977. This led to the break of the resistance level of $0.1300, which has kept the prices down since July 2022.
Will Stellar (XLM) Maintain its Bullish Momentum?
Source: XLM/USDT by TradingView
According to the 4-hour chart, the price action represents the strong bullish sentiments of the market. The XLM token price floats above the 200 EMA which signifies the strength of the bulls. The bullish momentum has faded as the price made a correction of 36%, where the market is trying to take support at $0.1297.
The volume has diminished significantly after the bullish pump. The volatility is on a decline as the XLM coin corrects itself. It is a sign that the price is consolidating and getting ready for the upcoming volatility. If the bulls are to maintain this strong momentum, the XLM price may reach $0.3 very soon.
RSI: The RSI indicator is currently at 43.40. It represents bearish conditions where the price may continue to fall until RSI crosses above 50. Aggressive sell-off may happen only if RSI goes below 30
MACD: MACD made a bearish crossover and the indicator has crossed below the 0 line. However, the MACD and the signal lines are moving adjacently. This means the market is consolidating with a lack of momentum.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion:
Stellar’s (XLM) price prediction sheds light on the extremely bullish price action of XLM since the beginning of the year 2023. The XLM token price has been corrected from the recent pump. The technical indicators are hinting at further bullish price action. The investors can wait for the price to form some bullish continuation pattern such as the bull flag. The highly volatile condition calls for a proper risk management strategy to minimize the losses.
Technical Levels
- The nearest support level: $0.1297
- The nearest resistance level: $0.1739
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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