Stellar Does an Upward Run-XLM Price Predicts
Stellar (XLM) had a solid upward trend, aided by the favorable Cryptocurrency tailwind. However, at $0.41, black clouds develop, with two strong forces opposing each other and holding further gains. XLM touched $0.41 on August 16 and couldn’t remain above it.
Since June 5, XLM is working on a double top. At $0.40, the 200-day Simple Moving Average (SMA) of XLM is approaching. Buyers attempted to push past this level three times but couldn’t proceed ahead and could not consolidate above.
Sellers appear to have taken advantage of the double cap to wrest control from purchasers, driving down the prices. As the rally loses momentum, buyers will look for short-term chances to unload their long positions and drive price action lower.
Expect XLM to drop further in the coming days, pushing away investors who arrived too late in the surge. $0.30 is the first and most important point of call. Investors can expect the SMA for 55-daily to give support if price action continues to fall. Because of this, XLM should have some more firm support around $0.28.
Expect a surge beyond $0.41 if buyers take advantage of tailwinds in crypto coins. If XLM closes above the mentioned level, additional gains should be expected at $0.45 and $0.50 as the following significant profit levels.
One can expect a further drop of XLM in search of support, which isn’t in sight. The $0.30 point of interest serves as a psychologically significant threshold. Then there’s the June 20 support confirmed, with five tests proving its significance and power. The green ascending trend line, which has previously shown twice its support, is the third reason for the help.