XLM price can rally 65% if Stellar bulls can push through $0.43
|- XLM price has been on an uptrend for five days and is ready to take on a crucial supply zone, ranging from $0.39 to $0.43.
- A decisive close above this barrier could trigger a 65% ascent to $0.71.
- If Stellar produces a lower low below $0.30, it will invalidate the bullish thesis.
XLM price has been trading under a stiff resistance barrier for roughly nearly three months. However, the recent run-up suggests that Stellar is ready to take on this barrier. Doing so will catalyze a massive bull run, propelling the altcoin higher.
XLM price ready to take on a crucial hurdle
XLM price stayed below the $0.42 resistance barrier for three months and has failed to move higher after four failed attempts. However, the recent upswing after a double bottom at $0.31 indicates that Stellar could be ready to make its move.
A decisive daily close above $0.39 to $0.43 supply zone will indicate a resurgence of buyers and an affinity to move higher. In such a case, XLM price will first make a run at the immediate resistance barrier at $0.50 after a 15% run-up.
Other barriers that XLM price could tag include $0.59 and $0.71 after 36% and 65% advance from $0.43. While this move is enticing, investors should wait for a close above $0.43 as a confirmation of the bull rally’s start.
XLM/USDT 1-day chart
On the other hand, if XLM price fails to slice through the $0.39 to $0.43 supply zone, it will indicate a weakness among the bulls. Here, Stellar could either consolidate around the $0.36 support floor.
However, a decisive daily close below $0.30 XLM price will create a lower low, suggesting that the trend change is likely. In such a situation, Stellar could drop nearly 20% to $0.25, where it will give the uptrend another try.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.