The crypto industry is currently being corrected, with the market witnessing a decline of over 1.5%. Stellar Lumens has displayed substantial price volatility throughout this month as the leading cryptocurrencies struggle to stabilize and maintain their prices above key support levels.
Initially, the token followed a positive uptrend during the first half of the month, witnessing a remarkable price increase from $0.1114 to $0.1351, marking a significant 21.27% surge. However, XLM underwent a trend reversal after this surge and entered a descending trajectory.
For the following week, the price of XLM traded within a consolidated range, fluctuating between $0.1169 and $0.1194. Afterward, it experienced a decline in value, dropping to levels seen before the earlier surge, and approached its critical support level.
Also Read: Stellar Price Prediction 2023, 2024, 2025: Will The XLM Coin Reach $1 in 2025?
Having tested the crucial support level of $0.1114, XLM has initiated a positive uptrend and is on the verge of breaking out of its descending trend, leaving its future trajectory uncertain.
The Relative Strength Index (RSI) swiftly transitioned from the oversold range towards its midpoint, indicating a positive uptrend in its charts and suggesting the potential for the price to continue appreciating in the short term.
On the other hand, the Moving Average Convergence Divergence (MACD) exhibits a positive convergence in its averages, hinting at the likelihood of an impending breakout.
The future price movement of XLM hinges on its ability to break free from the descending trend. Should it succeed, it would likely invite bullish sentiment, driving the price higher and setting the stage for a potential test of the $0.1169 resistance level by week’s end.
Conversely, if Stellar Lumens fails to break out of the current trend, it could test its support level at $0.1138. Further, if the token cannot maintain its position above this level, it may undergo a bearish correction, potentially targeting its critical support level at $0.1114 within this week.
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