XLM Price (Stellar) Surges Along XRP, Can Bulls Push It To $0.12?
Stellar (XLM) has experienced a significant surge in price, surpassing the resistance level at $0.0950 against the US Dollar. With this momentum, XLM has the potential to aim for $0.120.
The token price of Stellar displayed a steady increase above $0.0950 and is currently trading above $0.100 and the 100 hourly simple moving average. Additionally, there is a major bullish trend line forming with support near $0.0980 on the XLM/USD pair’s hourly chart.
After establishing a strong support base above $0.0750, Stellar observed an impressive surge above $0.0850 against the US Dollar, mirroring the movement of XRP. It gained over 10% in the short term, outperforming Bitcoin.
The price of XLM successfully breached the $0.0950 and $0.100 resistance levels, reaching a high of $0.1043 before consolidating its gains. There was a minor decline below the $0.10 level, testing the 23.6% Fib retracement level. Nevertheless, XLM remains trading above the $0.10 resistance and the 100 hourly simple moving average.
In terms of resistance, the immediate hurdle lies near the $0.1050 level, followed by the major resistance at $0.1120. Surpassing this level could lead to a test of $0.1150. If the price manages to close above $0.1150, it may commence a steady increase towards $0.1200 and $0.1250. The subsequent significant thresholds stand at $0.1300 and potentially even $0.1320.
In the event that XLM struggles to sustain its upward trajectory, it might initiate a downside correction. Initial support can be found near the $0.0980 level or the trend line. Should the price break below this level, the next significant support awaits at $0.0900 or the 100 hourly SMA. A clear plunge beneath the $0.0900 support zone may trigger a fresh decline, with the following significant support at around $0.0800.
Technical indicators indicate positive momentum, as the hourly MACD for XLM/USD is gaining pace in the bullish zone. Furthermore, the hourly RSI (Relative Strength Index) is currently well above the 50 level.
Key support levels to monitor are $0.0980 and $0.0900, while major resistance levels are projected at $0.1050 and $0.1200.