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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 04, 2023 07:52 UTC
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XLM Price Analysis: With Trendline Breakout, Will XLM Price Ready To Cross $0.14?
XLM price action displays a double-bottom bounceback from the 200-day EMA.
The recovery rally breaks above the resistance trendline and delays the death cross.
The breakout rally approaches the overhead supply belt at $0.14.
Trading at a discount of $37% discount from the 2023-high of $0.1959, XLM price trades at $0.12269 with an ongoing recovery. Bouncing back from the 200-day EMA, the XLM price action displays a bullish double-bottom reversal, leading to a breakout rally that may soon propel the Stellar Lumens market value to new 2023 heights.
Furthermore, the recovery rally clears the clouds of a looming death cross as it improves the 50-day EMA trajectory.
Between the 50 and 200-day EMAs, the XLM price trend reflects a solid bounce back, breaking above the resistance trendline. With a 7.67% jump within the last 48 hours starting from the morning star formed at the 200-day EMA, XLM price exceeds the 50% Fibonacci level.
Retracing the price trend, the breakout rally can shortly reach the $0.1425 mark to challenge the supply belt. Moreover, the supply belt coincides with the 23.60% Fibonacci level, making the face-off more noteworthy.
What’s Next For Stellar (XLM) Price?
The double bottom reversal in XRP price approaches the neckline at $0.1425, coinciding with the 23.60% Fibonacci level. If things go as planned, this price jump will account for a 15% jump.
Optimistically, the XLM price may break above the $0.1425 supply belt to reach the $0.20 mark to create a new 2023 swing high.
On the flip side, if the uptrend breaks below the 200-day EMA, the XLM prices can plunge to the $0.094 mark.
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