Stellar (XLM) is offering a good buy-the-dip at the point of 0.30, with a goal of 0.37 or higher because of critical technical reasons and practical use.
Stellar Lumens (XLM) has been receiving much attention following recent technical forecasts that identified a strategic purchase zone at $0.30.
The token, which is trading near this vital support, might experience a short-term increase to $0.37 to lure crypto investors to think that this drop was a good time to enter this market.
Prominent crypto chart analyst Ali on X has pointed to the dip at around $0.30 as the best time to buy before a rise brings XLM to $0.37.
Source – X
This discussion is correlated with a downward trend line characterizing the price movement of Stellar on the XLM/USDT perpetual contract on Binance, suggesting a consolidation period, which might shortly turn the way up.
The build-up of whales, along with oversold RSI and EMA convergence indicators, underlines the optimism within this level.
Deep Dive into Stellar’s Technical Outlook Sparks Excitement
Price has been at the lower end of a downward slope since August, but is promising some good indications of a turnaround at the $0.30 range.
This support has consistently drawn in purchasers during previous cycles, and thus it was a focus for rebounds to traders.
The short-term objective is a breakout above the resistance level of $0.37. In case that happens, the trend might drive XLM to an upward trend of $0.42 or more within the next few weeks.
The leading voices in the crypto trading community have come out and opined on this opportunity and have pointed out the positive risk-to-reward ratio at $0.30.
The activity of whale buying and such technical indicators as an oversold Relative Strength Index (RSI) point to the forthcoming bullish period.
The overlap of the exponential moving averages (EMAs) reinforces the argument of an increase in the price.
Stellar’s Fundamentals Support the Price Momentum
In addition to charts and indicators, the continuous progress of Stellar in blockchain payments provides some underlying pressure to its possible rally.
Institutional partnerships and fintech integrations keep migrating toward the network due to the orientation on cross-border transactions and the special consensus mechanism.
Such practical applications make Stellar more valuable, which justifies a sustainable price increase. Recent upgrades and partnerships with key players in the finance sector are raising the expectations both in adoption and price appreciation.
There is mixed sentiment in the existing market. Although some observers are cynical about a 10 percent rise in a very short period of time, the technical action and utility behind the rally scenario are an effective case.
The recent price of XLM is close to 0.32, which indicates that the coming days are critical in justifying this optimistic vision.
Source: https://www.livebitcoinnews.com/stellar-xlm-news-stellar-xlm-set-for-surge-buy-the-dip-at-0-30-now/