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Stellar (XLM) on Binance Exchange Could Skyrocket to $0.23!

  • XLM Coin is testing a resistance area of $0.13.
  • Short-term support at $0.11 has been confirmed.
  • A break is now needed from either the resistance or support zones, with targets at $0.23 above and $0.105 below.

The XLM Coin, traded on the Binance exchange, could soon initiate a rapid recovery period. The current price is on the brink of a significant resistance level, and a strong support line that could sustain an uptrend during a general market downturn has been maintained.

Stellar (XLM) Coin Analysis

Stellar’s price initiated a strong recovery on August 17, creating a long lower wick. The price is trading at a point where resistance levels converge, and whether it breaks or gets rejected could determine the future trend. The weekly chart readings show that the XLM price broke out of a 616-day resistance line at the beginning of the year, indicating a reversal of the downtrend.

XLM Coin Price Prediction
XLM Coin Price Prediction

The breakout of the 616-day resistance line, which feeds the long-term bullish outlook, allowed the horizontal area of $0.105 to be gained. In July, the price saw its annual peak at $0.195. However, Stellar lumens have fallen from their annual high. The same week, it formed a long upper wick, which is considered a sign of selling pressure. The decline continued until last week’s support level of $0.105. As mentioned above, the reaction from here showed that buyers are still eager for further rise.

XLM Coin Price Prediction

If the uptrend continues, the XLM price could rise by 86% to reach $0.23 again. On the other hand, if the rally loses momentum, the price could fall by 43% to retreat to the $0.105 region. The daily time frame analysis provides an uncertain perspective for XLM’s price movement. After falling below a decreasing resistance line from July 13, the price reached a low level of $0.105 until August 17. However, the $0.110 support was confirmed.

XLM Coin Predictions
XLM Coin Predictions

Despite this recovery, XLM could not pass the decreasing resistance line. The price’s inability to surpass the $0.13 resistance today could be an early signal of failure. Looking at the daily RSI, there are mixed signals. The indicator is on the rise but remains below 50 and also stays below the decreasing resistance line. As with the price movement, the break or rejection of the RSI will be very important in measuring the future trend.

In summary, the future of XLM’s price depends on whether it can break the resistance line or if the rejection continues. A successful break could lead to a 27% rise towards $0.160, while a rejection could trigger a 14% drop and a pullback to $0.110.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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