XLM price has nowhere to go but up, as Stellar bulls anticipate 23% gains

XLM price is bouncing off the 70.5% Fibonacci retracement level at $0.267.
Reclaiming the $0.315 barrier will open the path for a 23% ascent to $0.342.
A breakdown of the $0.247 support floor will invalidate the bullish thesis.

XLM price (Stellar) sliced through crucial footholds as it collapsed on September 20. This downswing has pushed Stellar to a perfect launching platform.

XLM price looks primed for an upswing

XLM price dropped roughly 17% over the past 48 hours, slicing through two crucial barriers and retesting another. Currently, Stellar has bounced 4% after tagging the 70.5% Fibonacci retracement level at $0.267. Considering that the overall trend is bullish, the recent dip below the midpoint of the trading range suggests that XLM is at a deep discount after the $0.267 retest.

Therefore, investors can expect a resurgence of buyers leading to a bounce in Stellar price.

However, the uptrend will not be a cakewalk due to the presence of the 62% and 50% Fibonacci retracement levels at $0.287 and $0.315. Flipping these two levels into a support floor will indicate that the bulls mean business.

Such a move will open the path for a run-up to $0.342, constituting a 23% advance from the current position.

XLM/USDT 1-day chart

On the other hand, if XLM price fails to slice through the immediate barrier at $0.287, it will reveal weak buyers. A decisive close below $0.247 or the 79% Fibonacci retracement level will

create a lower low, shifting the directional bias in favor of bears.

This move could trigger further descent from panic sellers, pushing the Stellar price toward the range low at $0.198.

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.