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Stellar Price Analysis: XLM Token price Falls Back Into The Rising Channel

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  • XLM token price approaches the crucial resistance level of the $0.30 mark that has pushed the price lower.
  • The rising 20 and 50-day EMA may soon give a bullish crossover.
  • The pair XLM/BTC trades at 0.000006928 BTC with an intraday rise of +1.24%.
Tradingview

XLM Token’s prices have successfully broken above the resistance trendline after finding demand near the $0.21 mark. The up move from the demand near $0.21 has resulted in more than 40% in the XLM token price.

But, more importantly, the bullish-up move helped the price rise in the V-shaped recovery pattern that supported the underlying bullishness grow even further.

If the price holds on to bullish momentum, investors could expect a bullish rally around 30% to 50%. However, if the price makes a dramatic decline, investors can expect the same positive percentage to be lost.

The current market price for the XLM token is $0.2864. As a result, intraday market capital has risen by +2.09%. However, intraday trading volume fell by +28% due to the rejection of higher prices.

The XLM Token Price Under Rising Channel Pattern

Tradingview

After facing rejection close to the resistance trendline, XLM token prices have been moving lower. However, the support level of $0.28 might soon get breached by the coin price, which could provide a bearish push for the token price to move to the $0.27 mark.

According to the price action, the coin price could support the $0.25 and $0.21 marks. However, if the bearish trend reverses, the price could fall if there is opposition at the $0.30 level.

The RSI indicator, which is bullish, indicates a gradual and steady rise in the slope.

The ADX indicator signals a rise in trend momentum.

Conclusion: XLM Token price has reached a strong resistance level at $0.30, which may act as a supply area to push the price lower to resonate in the rising channel pattern in the 4-hour chart.

Investors with bullish hope may find an entry spot at the support trendline in the 4-hour chart. However, one should be careful of a bearish fallout as the price is opposed in the downfall.

Support: $0.25 and $0.21

Resistance-$0.30

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