Stellar (XLM) is attracting attention from traders who believe a potential upward trend could be in the works. After experiencing volatility in recent days, XLM remains relatively stable while showing signs of strength that may signal a price breakout. 💰 Analyst Scopuly noted that XLM reached a weekend high of $0.297 before easing back to around $0.281, revealing a 3.49% dip but with an impressive surge in trading volume – jumping by 88.8% to $270 million. This indicates active trader involvement and positioning during consolidation. 🚀 📈.
Ali, another analyst on X, emphasized the significance of the $0.28 zone as a crucial level for Stellar. If XLM can maintain this support, it could signal a rebound rather than further drops, according to his analysis. 🙌
Buyers have stepped in near $0.27, effectively holding back price declines. This coincides with the 50-day simple moving average (SMA) at $0.266. This confluence adds strength to the support zone.
What’s Next for Stellar?
Scopuly predicts that if XLM stays above $0.27, it could pave the way for a significant price surge. 📈 The next target levels are at $0.323 (the 200-day SMA) and $0.334 (the May 12 high), both of which act as psychological markers that might ignite further bullish momentum if breached.
Overall, the XLM market is showing a sense of calm stability in a support zone that holds potential for growth. As long as price stays above the key support range, the next positive move may be just around the corner. 🙌 📈 The broader altcoin market also shows signs of life, which could potentially boost Stellar’s upward trajectory.
In conclusion, the XLM price is showing a promising position and traders are closely observing this period of consolidation.
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