- Stellar’s (XLM) price has surged past a key resistance line, but it’s yet to exceed the $0.13 benchmark.
- The weekly and daily indicators, including the RSI, point towards a continued upward trend for XLM.
Stellar’s Price Break and What’s Next
The recent price trajectory of Stellar (XLM) has caught the attention of many in the crypto community. Overcoming a descending resistance line, Stellar’s price is yet to cross the crucial $0.13 horizontal barrier. This mark is particularly significant because, depending on its behavior around this area, the future trend of XLM could be determined.
Bullish Signs from Price and RSI Analysis
Taking a closer look at both the weekly and daily timeframes, there’s a consistent indication that XLM is poised to breach the $0.13 region. Adding to the bullish sentiment, the Relative Strength Index (RSI), a revered tool in a trader’s arsenal, correlates with Stellar’s price pattern. The RSI serves to evaluate market momentum and can help traders discern between overbought and oversold conditions, hence assisting in buy or sell decisions.
In the context of XLM, when the RSI is above 50 during a rising trend, it signals a dominating presence of the bulls. It’s noteworthy that the RSI for XLM crossed this critical 50-mark in June and reaffirmed this stance in August.
Delving deeper into historical data, Stellar’s journey from April to October 2022 revealed the $0.105 region acting as a robust support. Come July 2023, after an unsuccessful attempt in April, XLM experienced a breakout, touching a notable $0.195. However, it has since receded, but not without endorsing the $0.105 as a pivotal support area once more.
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Potential Hurdles and FTX’s Role
Even though the bullish sentiment around XLM seems palpable, there are considerations to be made about possible liquidations by FTX. The extent of XLM holdings with the company hasn’t been highlighted significantly, but it’s an event that traders should be cautious about.
What Lies Ahead for XLM?
The daily analysis underscores a positive horizon for XLM, highlighted by its escape from a 52-day-long descending resistance line on September 4th. If XLM sustains its breakout and solidifies the $0.13 area as support, we might witness a substantial 26% jump, targeting the next resistance at $0.160. Conversely, if XLM fails to sustain, there could be a retraction of up to 15%, pulling it back to the familiar $0.105 support zone.
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