The XLM is also hovering at the $0.24 mark, which used to be resistance in 2024 but is likely to have become a long-term support area and portends a trend continuation in case it is held.
The price movement on the day indicates that XLM is being traded at a very narrow range around the price of 0.2437, implying that the traders are waiting carefully to determine the direction of the market before initiating any major movement.
Poor or partial volume and flat momentum readings indicate the market has not confirmed the 24-cent level with strong support, with downside risk remaining in the cards.
Stellar(XLM) has been trading close to one of the key support zones at $0.24, which is followed closely by traders and analysts based on its historical values. At the same time, this value was a previous resistance area of the long-term weekly chart in the year 2024, after which the asset found a significant breakout. With the reversal of price to this region, the traders are evaluating whether the region can now serve as support.
The price has reeled back after reaching a high of beyond $0.60, and now it is consolidating in a medium-range area. Previously, there was a tendency for past levels of resistance to be a source of support throughout periods of correction, and that can be said to be the situation concerning Stellar(XLM). When the $0.24 support level is tested, the structure might as well prove sound on the long-term uptrend.
Market Behavior Signals Caution and Accumulation
Implications for Long-Term Positioning
The $0.24 level will remain a focal point for traders looking to establish or re-enter long positions. If this support holds, it could provide the technical basis for dollar-cost averaging strategies or position building. However, any sustained breakdown below this level may trigger further downside toward historical support zones near $0.14.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
<p>The post XLM Battles for Support: $0.24 Level in the Spotlight first appeared on Coin Crypto Newz.</p>
