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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 11, 2023 08:51 UTC
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XLM Price Analysis: Here’s How XLM Price Can Soar to $0.16?
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.
Stellar Lumens (XLM), ranking in the top gainers for the second week, manages to ignore the bearish market. Currently, XLM price trades just a shade below the $0.13 mark with an intraday dip of 3.22%.
Taking a deep dive into XLM price movement, a double-bottom reversal becomes evident in the daily chart. This pattern finds its bedrock at the significant support confluence of the 61.80% Fibonacci level, precisely at the $0.10 mark.
Over the past couple of weeks, XLM price presents a promising rally. Supported by its robust demand confluence, the cryptocurrency registered a notable ascent of 14% within a mere span of 10 days. Breaking past the $0.12 resistance, XLM is now teasing the $0.13 level.
However, it hasn’t been all sunshine and rainbows. The evident Evening Star pattern, highlighted by the recent intraday drop of 3.22%, casts a shadow of doubt over the bullish narrative.
Technical pointers:
RSI: The RSI line for XLM exhibits optimism, steadfastly maintaining ground above the halfway mark.
MACD: The MACD and signal lines are gearing up to cross above the zero mark, signaling bullish momentum.
What’s Next For XLM Price?
XLM price trend is at a crossroads. The current breakout rally structures suggest a bullish continuation, targeting the overhead resistance of $0.16, accounting for a 24% jump.
However, challenges lie ahead. An immediate supply zone at $0.124 could be a minor speed bump in the XLM price uptrend. Furthermore, if the XRP price were to dip below the 38.20% Fibonacci level, it might retrace to the 200-day EMA at $0.11, a 15% decline.
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