Price breaks $XLM
The current trend is bearish, which has persisted for several months, with a sharp rise from the support level. A short-term pullback is likely before targeting the resistance area at the high timeframe of $0.32.
Stellar ($XLM ) has decisively broken a long-term bearish trend characterized by lower highs and lows. After a prolonged period of pressure and bearish momentum, its price has turned into a bullish trend, leading to a sharp rise directly to a technical resistance area. This indicates a structural shift in the $XLM market and suggests that bulls have regained control. While a short-term pullback may be expected, a breakout above dynamic resistance and key volume levels supports a bullish continuation structure.
Key technical points
Breakout from the bearish structure: multiple closes above dynamic resistance.
Support confirmed at $0.22: The low-value area and the low swing bottom formed a reversal area.
The next target at $0.32: the high-value area and the 0.618 Fibonacci level act as short-term resistance, with potential for further upside.
Chart #XLMUSDT (one day),
After months of continuous price decline, the XLM pair has reversed its course. The key signal came with a breakout above the descending trendline that had defined the price for most of the downturn. This movement was confirmed with multiple candle closes above the trendline, followed by a strong upward wave. The rise began from the support area at $0.22, a critical region marking both the low of the value area and a previous swing low, further confirming it as a key reversal area.
The price has now entered a confluence area of technical resistance that includes the peak of the value area in the current range and the 0.618 Fibonacci retracement from the previous swing high. While this area is likely to cause short-term friction, a slight pullback is expected and healthy, allowing momentum indicators to reset themselves before any potential breakout.
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The Point of Control (POC), which has already been reclaimed during this rise, now represents a key support level. Successfully retesting this area will further confirm the shift from a bearish structure to a bullish structure. If this level holds, XLM is likely to head towards the resistance area at $0.32, which is a high timeframe level aligning with previous supply and long-term resistance.
If the $0.32 level regains strong trading volume and confidence, it will open the door for continued upward expansion and confirm a broader shift to a new bullish trend.
What do we expect in the upcoming price movement?
Expect a short-term pullback from the current resistance area before continuing the rise. If the control level holds upon retest, the next bullish target for XLM is the resistance level at $0.32. #FOMCWatch #BinanceHODLerLA #SECETFApproval #BinanceTurns8