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In July, the price of XLM Coin experienced an impressive upward trend, but the recent rally has been forgotten. Investors who have been involved with cryptocurrencies for a long time may remember that some altcoins continue to rally during these periods. A similar new rally period may be on the horizon for XLM Coin. Moreover, the target is quite exciting.
Stellar (XLM) Analysis
Bitcoin is on edge and the wind can suddenly change for altcoins. However, technical readings indicate a potential rise in XLM Coin price. Since reaching its highest level of the year on July 13th, Stellar (XLM) price has experienced a decline. However, it is currently trading within a continuation pattern, indicating a potential breakout in the future.
Furthermore, both price action and wave count analysis indicate a general upward trend. As a result, we may see XLM setting a new peak for 2023 soon.
At the beginning of the year, the price broke free from the 616-day resistance line and confirmed the former resistance as support two months later. This marked the beginning of an exciting period of growth for investors.
XLM Coin Chart Analysis
The breakout from an important level in 2023 suggests that the bearish period may be over. After breaking free from the long-term resistance line, the price confirmed the horizontal resistance area at $0.105, once again confirming the breakout in the upward trend. This paved the way for the annual peak of $0.195 in July.
After the recent rally, XLM experienced a significant decline and formed a long upper wick. This upper wick indicates selling pressure and suggests that buyers may lack the strength to sustain the price increase. On the daily chart, according to the analysis using Elliott Wave theory, XLM has a positive outlook for future prices. The current technical reading suggests that XLM is in the fourth wave of a five-wave upward movement.
Assuming this count is correct, the price may already have established a local bottom and could initiate a roughly 50% increase towards $0.23. However, a close below $0.12 could invalidate this rally possibility.
