XLM Price Prediction: Stellar rises above key level and aims for a quick jump to $0.50


  • XLM price had a breakout above a parallel channel formed on the 1-hour chart.
  • The digital asset initially had a lot of bullish continuation but has dropped significantly.
  • If the bulls can’t hold the previous resistance level, XLM price will quickly fall towards $0.45.

XLM price has been trading sideways for the past 24 hours and had a notable breakout in the past hour from $0.47 to $0.48. However, the digital asset slowed down and quickly dropped towards the previous resistance level.

XLM price can climb towards $0.50 if this level is defended

On the 1-hour chart, XLM price had a breakout from a parallel channel. However, it didn’t last long as Stellar dropped from $0.48 to $0.467. If the bulls can defend the previous resistance level at $0.47, they will aim for a target of $0.50.

xlm price

XLM/USD 1-hour chart

XLM bulls seek a long-term price target of $0.70 as the digital asset had a clear breakout from an ascending triangle pattern on the 12-hour chart. The 70% target was calculated using the height of the pattern.

xlm price

XLM/USD 12-hour chart

However, in the short-term XLM price can fall towards $0.446 if the key support level at $0.47 can’t be defended by the bulls. The lowest bearish price target would be $0.41 for a re-test of the previous resistance level on the 12-hour chart.

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

Bitcoin price jumps in line with stock-to-flow model, $288,000 BTC by 2024

The short squeeze that triggered Bitcoin price recovery now signals that the asset is likely headed toward a new top. On-chain analysts share a bullish outlook, recovery in line with Plan B’s S2FX model.

More Bitcoin News

ADA looks to retrace 11% after massive rally

ADA rallied exponentially after coming close to retesting the range low. However, after this intense run-up, ADA investors are likely to book profit, leading to a pullback. Therefore, investors need to be aware of a downswing in the short term.

More Cardano News

Tether executives to face criminal probe in bank fraud

Tether is cooperating with law enforcement agencies as Tether executives are scrutinized for bank fraud. The probe by federal agencies first started in 2018 and has now reached a peak alongside a global crackdown on stablecoins by authorities. 

More Tether News

Grayscale knows something about Ethereum Classic that retail doesn't as it offloads 28,382 ETC

ETC is contemplating testing a confluence of resistance level around $61.84. Grayscale Investment offloads 28,382 ETC over the past month, suggesting shifting goalposts. A decisive 12-hour candlestick close above $61.84 could lead to a 35% upswing to $83.88.

More Ethereum 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