Stellar (XLM) is demonstrating strength, breaking past a key technical level that has served as support for a significant period of time. Recent price action reflects a bullish shift, with the asset poised to potentially reach new heights, especially as it approaches the $0.35 resistance level. 📈
Technical analysis reveals clear signs of a potential breakout:
* The historic support at $0.20 has been flipped into strong support. This key zone previously acted as a major hurdle for price action.
* A rising channel pattern on XLM’s chart is showcasing higher highs and higher lows, pointing to an uptrend that’s building momentum.
* Key technical indicators like the 200-day MA, POC, and the channel trendline all support this bullish movement. 📊
XLM’s price action aligns with a broader market shift in sentiment towards greater optimism for long-term gains. Volume behavior at this critical zone suggests potential for further upside as it declines before a surge.
* If this support holds strong, the next major resistance level could be reached at $0.35 – a significant area that hasn’t been tested since late 2023. 📈
The coming price action promises a bullish rally. However, traders should observe key support levels for confirmation and look for buying opportunities as XLM pushes towards the resistance level.
* What to Expect: If $0.20 holds strong, a volume-backed move could propel XLM toward the $0.35 region in the short term. The bullish structure in place and key levels aligned create a positive outlook unless critical support levels are broken down.