- Stellar price action made a 30% rally in just one week.
- The bull run is taking a breather with support at $0.30.
- The current back foot in global markets opens the door for additional long XLM price action.
Stellar (XLM) has made a stunning recovery with not only 30% gains but also breaking out of the downtrend's chains. Price action in XLM is now firmly consolidated above $0.30. With the price action taking a breather in XLM, the window is there for bulls to add some more.
XLM price offers another 34% upside to bulls who buy the dip
XLM spent quite some time at $0.25 with several tests and attempts from bears to push price action further lower toward $0.19. After three failed attempts, bulls saw the moment fit to overhaul the bears and ramped prices up an easy 30%. In that rally, a few key support levels got overtaken and have now turned into support in favor of XLM bulls.
XLM price bulls can count on $0.28, which originated from the high on September 30 and acted as support on October 4 due to the rejection of the monthly pivot. Bulls charged beyond that point, and thanks to the $0.28 holding firm the price has now consolidated above $0.30. Bulls are facing some headwinds from two elements though.
XLM/USD daily chart
The monthly pivot at $0.32 proves to be a tough nut to crack with already five failed attempts to get price action above there. Add that 55-day Simple Moving Average (SMA) coming in just above, near $0.33, and bulls are facing a double cap on the price action in XLM. A break above would bring bulls towards the 200-day SMA at $0.38.
As markets are already on the back foot, another down day would spell a retest of $0.30 and $0.28. Once through this support range, expect an attempt from bears to reinstall the bear trend below the purple descending trend line toward $0.25.
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
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.