XLM Price Analysis: Here’s How XLM Price Can Soar to $0.16?

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.