- XLM had its price overpowering a declining trend-line, suggesting an incoming upsurge.
- Stellar appears prepared for a 26% upsurge to its next critical obstacle at $0.254.
- A daily candle close under $0.167 will print a lower low, invalidating Stellar’s bullish thesis.
Stellar (XLM) overcame a resistance zone crucial to its possible gains and upward journey. The run-up should keep the momentum for further XLM gains in the up-and-coming trading sessions.
Stellar Price Prefer Bulls
XLM price printed about seven distinct lower peaks since 2021 November, losing approximately 63% of its value. Drawing a trend-line to connect these swing points suggests bears in control. Meanwhile, XLM price triggered a 25% upward move since creating a base near the support barrier at $0.167. The upside move ended the long-drawn downside trend by ensuring a daily candle close beyond $0.200.
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That formed a stage for bulls to control the XLM marketplace and push the alternative token higher. Market players should watch the resistance barrier at $0.254, which is near 26% upward from XLM’s current price since it is the next crucial obstacle.
Though a move past the barrier at $0.254 might be challenging with a single attempt, market players may expect Stellar to surge by 26%. Higher bullish aspirations might see the uptrend extending towards $0.296. XLM buyers might book profits at this value zone.
On the other side, bulls failing to propel Stellar prices higher might translate to a bearish control. Such scenarios would likely see XLM plummeting towards the closest support area, around $0.200. Nevertheless, a daily candle close beneath $0.167 will form a lower low, canceling the altcoin’s bullish narrative. That might see the alternative coin in continued downtrends until securing a steady support floor near $0.144.
The latest bullish actions had XLM overcoming a declining trend-line. That had the alt highlighting a potential new upward move in the making. For now, XLM seems to boast what it takes for a 26% upsurge towards the critical obstacle around the $0.254 value area. Nevertheless, bulls should control the token beyond $0.167. A decisive move beneath this mark will formulate a lower low to annul XLM’s bullish theory.
Stay tuned for more updates.