- XLM shows signs of a potential rebound, with technical indicators hinting at a shift in market momentum.
- Fibonacci levels suggest a breakout could push XLM toward key resistance at $0.39000000, with long-term targets near $0.91832232.
- A reversal of the trend is an important event to watch for since increasing volume of trading around important levels indicates possible accumulation.
Following a period of bear pressure, Stellar (XLM) indicates possible recovery, with major technical indicators indicating a change. Traders are closely watching for a breakout that will validate a reversal of the trend since market data indicates a slight drop.
Technical Indicators Signal Potential Reversal
Ali Charts reports that the TD Sequential indicator has printed a buy signal on the hourly timeframe. The time frame presents a downtrend with multiple bearish candlesticks shaping the current price action. A major sell-off before 08:00 pushed XLM to a lower level before a minor recovery attempt. A candlestick near the lowest point displays a “9” marking, signifying a potential technical event.
Source: Ali Charts
The price movement hesitates to continue downward, as a small-bodied candlestick shows. Weak bullish attempts keep the price near local lows, signaling uncertainty. Traders await breakout confirmation to determine a potential trend shift. Market participants closely monitor key levels for a decisive move.
Long-Term Fibonacci Levels and Market Trends
CW’s analysis identifies XLM’s movement concerning Fibonacci retracement levels. The analysis shows a potential rally if XLM surpasses the upper trendline of the descending wedge pattern. The next key resistance aligns with the 0.5 Fibonacci retracement at $0.39000000.
Source: CW
Volume data records increased trading activity near the breakout zone, signaling possible accumulation. A projected trajectory extends toward the 1.618 Fibonacci extension at $0.91832232, defining a critical future price level. Market focus remains on movement above $0.32249544, as surpassing this level may confirm a trend reversal.
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