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.
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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