XLM price and what’s next for Stellar bulls after a 25% rally

XLM price has breached through a declining trend line, indicating the start of a new uptrend.
A 26% move toward the next crucial hurdle at $0.254 seems likely for Stellar.
A daily candlestick close below $0.167 will create a lower low and invalidate the bullish thesis.

XLM price has overcome a resistance barrier vital to its uptrend and potential gains. The run-up needs to maintain the momentum to experience more gains in the near future.

XLM price favors bulls

XLM price set up roughy seven distinctive lower highs since November 2021 and shed roughly 63% of its market value. A trend line drawn connecting the swing points reveals the control of bears.

After forming a base around the $0.167 support level, XLM price embarked on a 25% uptrend that put an end to the long-drawn downtrend by producing a daily candlestick close above $0.200.

This move sets the pace for bulls to take control of Stellar and push it higher. Investors need to keep an eye on the $0.254 resistance barrier, which is roughly a 26% run-up away from the current position since that is the next significant hurdle.

While a move beyond the $0.254 barrier might not be possible at a single stretch, market participants can expect the XLM price to rally at least 26% aforementioned. In a highly bullish case, this uptrend could extend to $0.296, where buyers are likely to book profits.

XLM/USDT 1-day chart

On the other hand, a failure from bulls to propel XLM price higher could lead to bears’ taking control. Such a development will likely knock Stellar to immediate support levels, at 0.200. However, a daily candlestick close below the $0.167 will create a lower low and invalidate the bullish thesis for XLM price.

In this case, the remittance token will likely continue heading lower till it finds a stable support level at $0.144.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.