XLM price can rally 65% if Stellar bulls can push through $0.43

XLM price has been trading under a stiff resistance barrier for roughly nearly three months. However, the recent run-up suggests that Stellar is ready to take on this barrier. Doing so will catalyze a massive bull run, propelling the altcoin higher.

XLM price ready to take on a crucial hurdle

XLM price stayed below the $0.42 resistance barrier for three months and has failed to move higher after four failed attempts. However, the recent upswing after a double bottom at $0.31 indicates that Stellar could be ready to make its move.

A decisive daily close above $0.39 to $0.43 supply zone will indicate a resurgence of buyers and an affinity to move higher. In such a case, XLM price will first make a run at the immediate resistance barrier at $0.50 after a 15% run-up. 

Other barriers that XLM price could tag include $0.59 and $0.71 after 36% and 65% advance from $0.43. While this move is enticing, investors should wait for a close above $0.43 as a confirmation of the bull rally’s start.

XLM/USDT 1-day chart

On the other hand, if XLM price fails to slice through the $0.39 to $0.43 supply zone, it will indicate a weakness among the bulls. Here, Stellar could either consolidate around the $0.36 support floor.

However, a decisive daily close below $0.30 XLM price will create a lower low, suggesting that the trend change is likely. In such a situation, Stellar could drop nearly 20% to $0.25, where it will give the uptrend another try.