- XLM bounces off support of $0.2550 with a target of $0.30 to $0.38.
- In such event, if XLM breaks beyond $0.30, the sky could be the limit until about $0.38.
- As of now, there are potential benefits of about 30% to 50% increase in price based on recovery from XLM.
In fact, the last few weeks have made it possible for the Stellar (XLM) to reflect signs of revival as the price bounced off the lower edge of the defined trading channel. Price activity, contained by some extent within that channel, veered between a supportive run of $0.2550 and a resistive $0.3750. This recent bounce off the lower edge of the same channel has produced a lot of optimism among traders since they see it as the beginning of a more sizeable upward movement.
Bouncing Stellar follows the continued phase of consolidation, with price traveling from lower zones. Right now, XLM is at the upper limits of the channel and may come within the sights of a breakout above $0.30. Should that resistance fall, the next important target could be around $0.38, representing significant movement for the cryptocurrency.
Potential Targets of XLM for Price Movement
However, the most significant price point of interest for XLM is $0.30. On condition that it breaks above such critical resistance, one might assume it is going to pave the way for an upward thrust toward $0.38. The chart indicates that bounce around price has given XLM much encouragement that this cryptocurrency will most likely give more of that upward movement, thus making $0.30 to $0.38 a dedicated price zone for next moves made by XLM.
Traders have their eyes on XLM closely to see whether it can hold that price of $0.30. Should that level hold as support, the cryptocurrency would see continued surges going to the $0.38 level, giving their investors chances to take some of the momentum in the market.
XLM Long-term View
Long term, there is room for Stellar’s XLM to make significant future gains as it may well go up. There has indeed been an expected amount of volatility coming in the short term, but the nature of this bounce from key support levels and the possibility to break above $0.30 suggests that there may be significant upside movements ahead for XLM.
Traders and investors are advised to keep a close watch on these breakout levels, which seem to trigger the start of a bullish trend for XLM. Given the strong support structure of the particular cryptocurrency, coupled with the increased interest from the market, things should unfold with time when XLM would have an important role to play in the altcoin market in months to come.
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