XLM Price Forecast: Stellar aims for new all-time highs if key support holds


  • The digital asset is trading just above a critical support level that must be held.
  • In the long term, Stellar bulls still have the upper hand, as XLM remains in a huge uptrend.
  • A bear flag on the 1-hour chart could pose some problems for Stellar in the short term

Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.

XLM price must defend this significant trendline to see a new leg up

XLM is trading at $0.625 at the time of writing, right above the 25 four-hour EMA, and a trendline formed since April 9. Both converge at $0.61, which is the critical point that bulls must hold.

xlm price

XLM/USD 4-hour chart

A rebound from this crucial support should drive XLM price up to its previous high of $0.69. A breakout above this point will push Stellar toward the 123.6% Fibonacci level at $0.77 and even as high as $0.90 at the 161.8% Fibonacci level in the longer term, which would be a new all-time high.  

xlm  price

XLM/USD 1-hour chart

However, losing this critical level would also validate a bear flag formed on the 1-hour chart. A breakdown of this flag has a price target of $0.53, but XLM bears have other targets before that at $0.58, a low established on April 14 and $0.56, formed on April 12. The lack of trading volume in the past 24 hours indicates that XLM is on the verge of a significant move.  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP trading volume soared to $4.4 billion in Q2, recording 98% increase from last quarter

The latest Ripple quarterly report revealed that the cross-border remittance token witnessed a surge in trading volume in the second quarter of this yXRP has seen a massive climb in trading volume in the second quarter this year. The cross-border remittance token recorded four days in Q2 with the highest trading volume in its entire history. The volatility of XRP was considerably higher than that of Bitcoin and Ethereum during this period.

More Ripple News

US clients of Kansas based mining company now avoid tax on BTC mining

A leading mining company in the US offers clients income from Bitcoin mining without triggering a taxable event. The US has emerged as a hub for Bitcoin miners since the BTC hashrate migration. 

More Bitcoin News

Axie Infinity price shows massive bullish potential suggesting AXS is primed for another 140% rally

A brief technical and on-chain analysis on Axie Infinity price. Here, FXStreet's analysts evaluate where AXS could be heading next as it looks primed for consolidation before higher highs.

More Cryptocurrencies News

State Street will expand crypto services for private-fund clients to meet growing demand

State Street is looking to offer its private-fund clients crypto administration services. Last month, the Boston-based bank created a new division focused on digital assets. The American bank aims to meet growing client demand for cryptocurrencies with new service offerings.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP