XLM Price Prediction: Stellar bulls need to overcome two hurdles for 55% upswing
- XLM price is grappling with the $0.426 resistance barrier after a 31% ascent.
- Clearing the $0.426 and $0.495 ceilings will open the path to $0.646.
- If Stellar bulls fail to hold above $0.324, it will invalidate the bullish thesis.
XLM price has seen considerable growth over the past week. However, this ascent pushed Stellar to retest a crucial resistance barrier. A decisive close above which will reveal that the buyers are in control.
XLM price awaits quick run-up
XLM price rose roughly 31% from August 31, leading to a retest of the $0.426 supply level. Although a minor retracement might ensue before an uptrend, investors need to watch out for a flip of the $0.495 resistance ceiling into a support floor. This development will confirm that the buyers are in control and that a massive ascent is on its way.
Clearing the $0.495 hurdle will open the path for a 30% ascent to $0.645. The move to $0.645 is a roughly 55% climb from the current position, $0.416.
If XLM price manages to produce a decisive daily close above $0.416, it will note a recovery from the May 19 crash and allow the bulls to take a jab at the 2021 high at $0.799.
XLM/USDT 1-day chart
On the other hand, if XLM price fails to breach $0.425 or $0.495, it will delay the uptrend or trigger a consolidative phase. In some cases, investors might continue to book profit, pushing Stellar lower.
The $0.324 support floor is the only foothold preventing Stellar from heading lower; therefore, a breakdown of this barrier will invalidate the bullish thesis.
In some cases, the sell-off might extend to the subsequent barrier at $0.285.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
