XLM price prediction favors the bulls and expect an uptrend to continue in coming months. XLM price has recovered 30% approx from the recent swing low at $0.0750 and attempts to break out of the higher range. However, the XLM crypto price halted at the 200 day EMA which indicates that bears are active near the supply zone. In the previous session, XLM price surged 11% and gave confirmation of the bullish trend reversal.
XLM price currently, trading at $0.0959 with an intraday decline of -0.42% and 24 hour volume 0.0866. The pair of XLM/BTC is trading at 0.00000341 with an intraday decline of -0.58 which shows the mild correlation between both the pairs. At the beginning of January, Stellar price (XLM) took U- turn from the 52 week low and managed to push the price above the 50 day EMA. It turned the short term trend in the favor of bulls and prices started rising upward by forming higher high candles.
XLM crypto price lacked the momentum on the higher levels and got stuck into the narrow range of consolidation. Therefore, $0.1000 will act as an immediate resistance for the bullish traders. At the beginning of March, overall market sentiment got hurted which negatively impacted the XLM price and it dropped below the lower range. However, bulls bounced back with a strong momentum and recovered all the previous losses.
Will XLM Price See Upside Range Expansion?
XLM price has attempted multiple times to break the higher range but got rejected. However, This time the breakout attempt seems to be powerful because XLM crypto witnesses a huge spike in the buying volume which indicates genuine buying. In the last 24 hours, XLM crypto volume surged more than 200% with the price following the same direction. The probability of upside range expansion is very high and XLM price might rally approximately 16% after breaking out of the higher range.
What if XLM Price Faces Rejection ?
XLM price action, volume and technical indicators signal positive momentum. However, the possibility of continuing the upward momentum will substantially increase if XLM price succeeds in holding the 200 day EMA. On the other hand, if the XLM crypto price faces rejection, then $0.0800 will act as an immediate support for the bulls. Technical indicators including MACD have generated positive crossover indicating bullishness to continue in the coming days. The RSI at 64 rising up indicates strength in the prices.
Conclusion
XLM price prediction favors the bulls and suggests a rise of around 16% in the coming few months. However, if the XLM crypto price faces rejection from the 200 day EMA then the bears may again try to test the $0.0800 level. Technical analysis suggests that Stellar price (XLM) is in a bullish grip and if market sentiment remains positive, then more rally is possible.
Technical levels
Resistance levels : $0.1000 and $0.1166
Support levels : $0.0800 and $0.0700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
Source: https://www.thecoinrepublic.com/2023/03/22/xlm-price-prediction-xlm-price-surged-11-more-rally-possible/