Bitcoin price has seen strong rallies before experiencing such sharp increases. Now it has retraced to an important price zone. Let’s take a look at the current data while Bitcoin is still recovering from the shock of the end of Binance FUD. Here are the details.
XLM Coin Review
On the weekly chart, it can be seen that the price is trying to maintain the rising support line since the beginning of 2023 and has been rising in this direction. In July, before BTC initiated the expected major movement, the price following this route had risen to a peak of $0.196. Altcoin, which determined its annual peak here, then tested BTC at $38,000 but could not surpass the critical threshold.
XLM Coin price broke above the horizontal resistance area of $0.125 but soon fell and couldn’t make a bounce in the region. Instead, the region was confirmed as resistance. Despite the BTC recovery with the upper wick formed last week, the region could not be surpassed again.
Although XLM Coin brings good profits in the bear market, it still sends uncertain signals in volatile markets that are prone to negative divergence. Moreover, while BTC is trying to confirm its direction, altcoins can still show negative divergence. RSI is located just below the neutral zone.
XLM Coin Expert Comments
Analysts sharing their opinions on social media generally have positive comments. Cryptollica pointed out a long-term fractal that led to significant upward movements in both previous cycles.
Mister Moon also highlights the reverse head and shoulders formation, which is in an uptrend and can cause a rapid recovery.
“Stellar is currently trading in a significant support zone. If the price finds support here, we can see the formation of a classic signal, the head and shoulders formation, which is a potential upward momentum. I also observe a confirmed breakout above the descending channel, which is something I’m watching for a long entry. Targets have been set as the neckline and higher resistance levels.”
The $0.11 horizontal support area is quite important for XLM Coin. If the price initiates a bounce from this area, the rally could continue up to $0.161. On the other hand, losing support and closing below it could bring down sales to $0.078.
