XLM Price Prediction: Stellar at risk of a massive 20% correction according to several indicators

XLM price got rejected several times from a crucial resistance level at $0.34.
TD Sequential indicator has presented a sell signal on the 12-hour chart.
The social volume of Stellar has increased again, which often leads to a correction.

On January 7, XLM price peaked at $0.411 but had a major correction down to $0.21 in the next week. On January 28, the digital asset tried to climb above $0.34 unsuccessfully, closing below there. XLM attempted to crack this resistance level in the following days, again, failing to do so.

Another rejection from $0.34 will lead XLM price down to $0.28

On the 12-hour chart, XLM price has not managed to close above $0.34 in the past month, making this resistance level crucial. Additionally, the TD Sequential indicator has just presented a sell signal which indicates XLM price is most likely going to see another pullback.

XLM/USD 12-hour chart

The 50-SMA located at $0.287 will be the next price target for the bears. Additionally, the social volume of Stellar, which measures the number of mentions of the asset across different social media channels, has seen a significant spike again which often indicates a pullback is underway.

XLM Social Volume

On the other hand, if XLM bulls can finally manage to crack the $0.34 resistance level, XLM price can quickly climb towards the last 2021-high at $0.411 and higher to $0.45 as there are no other barriers on its way.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.