Amidst the bear market, XLM Coin has been waiting for a bigger breakout opportunity. Now, it’s back on track. The strong defense of the support zone and the continued confidence of buyers could lead to higher peaks. So, what’s next?
XLM Coin Analysis
Stellar (XLM) price has broken out of a declining resistance line and appears to have reclaimed the $0.13 resistance zone, although it is not yet confirmed. Further closures could boost buyer confidence. Price movements on both the weekly and daily timeframes confirm an upward trend. Technical readings for days have been pointing to the potential for the price to reach targets above $0.13. As the price was above the critical zone at the time of writing this article, it happened as expected after yesterday’s decline.
The expectation of an upward trend in the weekly chart is based on the breakout from a long-term descending resistance line in January and the subsequent recovery of the $0.105 horizontal zone. XLM, which failed to make a breakout in April 2023, reached a peak of $0.195 in July after months.
XLM Coin Price Prediction
The weekly RSI is in an upward trend, supporting further increases. During an upward trend, an RSI value above 50 indicates a positive position for bulls. Although the upcoming FTX settlement could trigger a downward reaction, the company has not reported significant amounts of XLM assets. Readings on the daily chart also indicate further gains for investors.
About 8 days ago, the price broke free from a 52-day descending resistance line and could target $0.16 in the next stage. Monitoring closures above $0.13 will be critical for higher peaks. If the rally continues, a retest of $0.195 is possible.
The overall market sentiment remains negative. Although XLM Coin is showing positive divergence in the process, the upcoming Fed meeting and inflation data could hinder its rise. In the event of a possible decline, a new drop to the $0.105 support would not be surprising.
Bitcoin is currently trading at $26,200, and XLM Coin is finding buyers at the $0.13 level. However, it should not be assumed that this zone has been definitively reclaimed.
