Stellar Price Forecast: $XLM is on the verge of a breakout as TVL reaches a record high of over $97 million #Market_Update
⭐ Buy and trade here 👇 #altcoinseason
☀️ Stellar price is nearing its descending trendline on Wednesday; a breakout indicates a bullish move ahead.
⭐ On-chain data supports the bullish thesis as XLM’s TVL reaches record levels and the stablecoin market capitalization surges.
☀️The technical outlook suggests a rally ahead, as XLM’s funding rates have flipped to a positive value.
👇Stellar Price Forecast: XLM bulls on the verge of a bullish breakout 👇
Stellar price retested and found support around its daily level at $0.255 on Friday and recovered 6.6% till Tuesday. At the time of writing on Wednesday, it is nearing its descending trendline (drawn by connecting multiple highs since the end of November).
If #XLM breaks above the descending trendline and closes above the 100-day Exponential Moving Average (EMA) at $0.283, it could extend the rally to retest its daily resistance level at $0.356.
The Relative Strength Index (RSI) on the daily chart reads 53, above its neutral level of 50 and points upwards, indicating that bullish momentum is gaining traction. The Moving Average Convergence Divergence (MACD) indicator on the daily chart also displayed a bullish crossover on Tuesday, providing a buy signal and indicating an upward trend.
⚙️ॐ Risk: Use proper risk management — 3x–5x leverage recommended☀️