- XLM price is grappling with the $0.426 resistance barrier after a 31% ascent.
- Clearing the $0.426 and $0.495 ceilings will open the path to $0.646.
- If Stellar bulls fail to hold above $0.324, it will invalidate the bullish thesis.
XLM price has seen considerable growth over the past week. However, this ascent pushed Stellar to retest a crucial resistance barrier. A decisive close above which will reveal that the buyers are in control.
XLM price awaits quick run-up
XLM price rose roughly 31% from August 31, leading to a retest of the $0.426 supply level. Although a minor retracement might ensue before an uptrend, investors need to watch out for a flip of the $0.495 resistance ceiling into a support floor. This development will confirm that the buyers are in control and that a massive ascent is on its way.
Clearing the $0.495 hurdle will open the path for a 30% ascent to $0.645. The move to $0.645 is a roughly 55% climb from the current position, $0.416.
If XLM price manages to produce a decisive daily close above $0.416, it will note a recovery from the May 19 crash and allow the bulls to take a jab at the 2021 high at $0.799.
XLM/USDT 1-day chart
On the other hand, if XLM price fails to breach $0.425 or $0.495, it will delay the uptrend or trigger a consolidative phase. In some cases, investors might continue to book profit, pushing Stellar lower.
The $0.324 support floor is the only foothold preventing Stellar from heading lower; therefore, a breakdown of this barrier will invalidate the bullish thesis.
In some cases, the sell-off might extend to the subsequent barrier at $0.285.
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.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.