Stellar Price Prediction: Would You Buy XLM on Behalf of Bullish Price Action? 

• Stellar coin is recovering on its own and is showing a double-bottom price pattern.
• Trading volume increased by 44% last night to $195.5 million.
• Stellar coin with bitcoin pair is up 6.4% on 0.000006352 satoshis.

The Stellar coin is preparing itself to register a rise in value. This price rally will be the primary bullish attempt so far in 2022 as buyers struggle to sell. The current price situation indicates that the next advance move for the bulls is at the $0.20 level in the coming months.

XLM on Weekly Chart 

In higher time frames like weekly, the Stellar crypto is in a bullish mood as price action makes a higher-low pattern. This price accumulation could be exploited any time ahead due to positive indication in price. Buyers found a double bottom pattern in the chart, which projects nearly 40% price surge ahead if buyers sustain value higher above $0.13 resistance. 

However, Stellar coin has been fluctuating under the wide horizontal range since its latest annual low of $0.10.  The ideological round level of $0.10 acts as a key hedge zone of bulls, on the flip side, the $0.13 zone stood to be a selling point of bears. In this attempt, these buyers may overcome the range-bound market. 

At the time of writing, Stellar coin is trading at $0.124 against the USDT pair. Price has surged nearly 4.27% in the last 24 hours, in fact, market cap reached $3.16 Billion. Moreover, the Stellar coin along with the Bitcoin pair is 6.4% higher at 0.000006352 satoshis. 

XLM on Daily Price Chart 

On a daily chart, buyers are shifting lows higher above previous lows, this is a clear positive indication from the bulls side. Amid positive trend, Stellar price sustains above 20,50 and 100 day moving averages and bears are getting ready to sell crypto at 200 DMA (red). 

MACD indicators move on an upside path in the positive region. In addition, histograms are showing positive strength as it increases higher. 

Conclusion 

The Stellar coin may see little pullback close to the resistance level of the range-bound phase. The significant moving averages are supporting zones of buyers and MACD stays in the positive area. Now bulls need to maintain higher price sustainability and break upcoming resistance of $0.13. 

Resistance level- $0.13 and $0.17

Support level- $0.115 and $0.10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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