While buying pressure has slowed across the crypto space recently, XLM has defied expectations and continued its impressive upward trajectory. Though it faced a slight rejection today, the overall sentiment remains bullish.
As the month unfolded, XLM initially experienced a calm period, following a significant five-week retracement. This shifted dramatically as the week began, with the price starting to rise steadily. Despite some altcoins taking a breather amidst Bitcoin hitting a new all-time high last Thursday, XLM has continued to gain traction, reaching new multi-week highs today.
Although XLM has encountered rejections during its rise, it is steadily approaching a critical monthly resistance level. This juncture could be pivotal; a clear breakout here might set the stage for a substantial upward movement in the short term. Currently, the market leans bullish, as demand outweighs supply, keeping bearish sentiment at bay.
Interestingly, XLM has mirrored XRP’s price movements in recent days, indicating a potential trend shift. This is further underscored by a double-bottom formation on the daily chart, signaling renewed bullish momentum.
XLM’s Key Levels to Watch
Source: Tradingview
XLM is currently approaching the crucial resistance level of $0.444. If it successfully breaks through this level, we could see a surge towards the $0.51 mark, eventually targeting $0.647 in the longer term. Traders should remain vigilant, as a strong rejection at these resistance points could lead to a corrective pullback to around $0.334. Additional lower support levels to keep an eye on are $0.285 and $0.25. The monthly low of $0.217 continues to serve as a solid support level, with $0.15 being a potential target in the event of a dip.
Key Resistance Levels:
- $0.444
- $0.51
- $0.647
Key Support Levels:
- $0.334
- $0.285
- $0.25
- Spot Price: $0.4
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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