XLM price hints at 23% upswing as Stellar flips crucial hurdle
|- XLM price has flipped a crucial hurdle and eyes a rally to retest $0.22.
- Investors can expect Stellar to accumulate steam above 50% retracement level at $0.18.
- A four-hour candlestick close below $0.16 will invalidate the bullish thesis.
XLM price has been on a consolidative move for roughly two weeks and shows a tightening of the range. Regardless, the recent accomplishment suggests that a minor uptrend is likely for Stellar.
XLM price to sweep range high
XLM price set up a range extending from $0.16 to $0.20 between February 24 and 26. Since then, the remittance token has not swept the range high or range low but has traded close to the 50% retracement level.
The recent attempts to move toward the range high fell short of momentum leading to a move below the range’s midpoint. However, on March 16, XLM price manage to produce a four-hour candlestick close above it, signaling the intentions of bulls to move higher.
Going forward, investors can expect the XLM price to make a run at the range high at $0.20 and collect the buy-stop liquidity resting above it. This move would constitute an 11% ascent from the midpoint and is likely where the upside is capped.
In a highly bullish case, XLM price could rally to $0.22, bringing the gain to 23%.
XLM/USDT 4-hour chart
On the other hand, if XLM price fails to sustain above the $0.18 hurdle, there is a good chance, bears will take control. In such a case, the remittance token will most likely retrace to the range low at $0.16.
Here, buyers have a chance at a comeback, but a four-hour candlestick close below $0.16 will create a lower low and invalidate the bullish thesis for Stellar.
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.