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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.
- Oct 31, 2023 08:02 UTC
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XLM Price Analysis: Severe Supply At $0.12 Warns XLM Reversal!
Moving in a bullish pathway to challenge the overhead resistance zone at $0.119.
The bullish revival struggles to avoid a death cross between the 50-day and 200-day EMA.
A bullish breakout can boost the Stellar price by 20% to $0.1425.
Moving in an ultimate sideways in comparison to the bullish market, the XLM price shows a positive cycle. However, the comeback struggles to overcome the overhead resistance despite breaking above the pullback trendline.
Despite the constant bullish struggles, the XLM prices show a 65% YTD growth in 2023. With a bullish year, the Stellar price prediction remains optimistic for the coming months.
Despite being at a discount of 40% from the 2023 swing high of $0.1959, the XLM price continues to find bullish momentum. Further, the recent bullish reversal fractures the resistance trendline formed during the recent pullback phase.
However, the recent 15% bullish revival finds solid overhead supply pressure at the $0.1195 zone and resists further uptrend. Currently, the XLM price trades at $0.1169 with an intraday fall of 1.76%, reflecting a short-term pullback.
Moreover, the underlying bullish sentiments form an inverted head and shoulder pattern with a neckline at 50% Fibonacci level at $0.1195. If the XLM price trend exceeds the neckline, a bull run can reach the 23.60% Fibonacci level.
Technical pointers:
MACD indicator: The MACD and signal lines cross above the halfway line and continue the positive trajectory. Further, the bullish histograms remain positive. Therefore, the momentum indicator remains optimistic for Stellar.
EMA: The 50-day EMA moves sideways slightly above the 200-day EMA to avoid the death cross.
What’s Next For Stellar (XLM) Price?
Despite taking a sideways trend for a few weeks, the stellar price trend shows a high possibility of a $0.1195 breakout. The inverted head and shoulder pattern and the recent trendline breakout increase the uptrend chances.
In case the XLM price reclaim bullish momentum to rise above $0.1195, the uptrend can reach the $0.1426 mark, accounting for a 20% jump. However, on the flip side, a downfall will plunge the market value to $0.1092.
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