Amid the brief calm in Bitcoin’s surge, which gave breath to several altcoins in the past 48 hours, XLM exploded massively to a three-year high. Despite facing rejection, it remains strongly bullish with 60% gains since yesterday.
It has been a fantastic ride for the bulls in the past three weeks of trading as the price went parabolic near the $0.55 level for the first time in three years. Although the price has dropped slightly in the past hours but still looks strong on the daily timeframe.
Having posted major gains in the past 48 hours, Stellar’s XLM now looks strongly bullish on the daily timeframe. One of the reasons for the mad rush in volatility is traced to the brief calm in Bitcoin’s price, which has given breath to many altcoins in the past 48 hours. A bigger surge can be anticipated if Bitcoin’s price remains calm daily.
However, the major contributor to the surge is the recent fundamentals surrounding the asset. Looking ahead, there is still room for growth.
But considering the current surge, which signals a potential end in the current buying phase, the price is becoming weak on the lower timeframe, though it is still targeting the $0.63 level that triggered a major collapse in May 2021. It may recover fully to the top if the price breaks higher. Rejecting it could lead to major corrections before resuming the uptrend.
XLM’s Key Level To Watch
Source: Tradingview
Surging through the current daily $0.58 high to test $0.63, we can expect further push to around $0.7 before selling. The higher level to consider is $0.8.
For a retracement, the closest support level to watch is $0.44 and $0.365. If the retracement becomes broad, the $0.31 and $0.242 levels are lower support levels to keep in mind for a rebound.
Key Resistance Levels: $0.63, $0.7, $0.8
Key Support Levels: $0.44, $0.365, $0.31
- Spot Price: $0.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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