Stellar (XLM) is currently at a critical juncture, with its price hovering between correction risks and potential for a breakout. What technical signals should one watch for ? Analyst insights hold the key to short-term predictions. Stay tuned for updates on InvestX for the latest on Stellar's next move.
The recent Stellar rally has been supported by a notable increase in stablecoin supply on the Stellar network and open interest in futures contracts. This momentum propelled XLM to its highest level since January. Although the price has since corrected by approximately 10%, the $0.33 level that long served as resistance now acts as solid support.
As long as XLM remains above this zone, the bullish structure is preserved. Technical indicators also suggest a cautiously positive outlook, with the RSI cooling down from an overbought level. It also remains above the 20-day moving average.
If buying pressure persists, XLM could aim to reclaim the $0.52 level and challenge January’s peak of $0.64. This would offer upside potential of 52% from current levels. However, a break below the 20-day moving average could indicate a deeper correction.
In conclusion, although the XLM rally has paused, the technical structure remains bullish as long as the price maintains above the key support level of $0.33. Investors will closely monitor price action in the coming weeks to evaluate investment opportunities in this cryptocurrency.
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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