Stellar (XLM) has experienced a strong resurgence, bouncing off the important support level at $0.11. Chart indicators are pointing towards a promising outlook for bullish investors, marking a significant change in momentum since mid-August. This second bounce off the same support level underlines the tremendous strength displayed by the bulls, indicating the potential for further gains.
Price analysis shows that the $0.11 support level has emerged as a steadfast defense line for XLM enthusiasts. Recent price action has shown that bears will need to work diligently to hold this level in their favor while increasing bearish momentum.
However, the bulls have displayed unwavering determination, as shown by the latest retest of support on September 4, which triggered a notable price rise.
According to the latest data, XLM is trading at $0.124 according to CoinGecko, which represents a 2% rise in the last 24 hours and an impressive 10% increase in the last seven days. These gains are a sign of growing optimism among XLM investors.
XLM chart indicators favor the bulls
On-chain indicators are aligning with the bullish sentiment surrounding XLM. The Relative Strength Index (RSI) is hovering around the neutral 50 mark, indicating healthy demand for XLM.
Additionally, Chaikin Money Flow (CMF) is at +0.10, indicating an inflow of capital into XLM. This inflow is generally a bullish sign, pointing to growing confidence among investors in cryptocurrencies.
Despite the resurgence of optimism, XLM continues to face a battleground in the long/short ratio on exchanges. The low margins indicate that sellers are actively trying to thwart the bullish rally.
While long positions are approaching the crucial 50% flip point of the long/short ratio, sellers currently maintain the upper hand, putting pressure on XLM’s upward trajectory.
The market capitalization of XLM is currently $3.4 billion. Chart: Tradingview.com
What’s next for XLM?
With the $0.11 support level proving to be a stronghold for the bulls and chart indicators pointing to further upside, XLM enthusiasts are eyeing a target range of $0.17 to $0.19, aiming for highs last seen in July. Have to go again.
The crypto market remains dynamic and volatile, so investors should remain vigilant and prepare for developments that could impact XLM’s price trajectory.
XLM has made an impressive comeback on the back of strong support and positive chart indicators. While challenges remain as bearish resistance at the long/short ratio remains bullish, investors have set their sights on recapturing July highs. The cryptocurrency market continues to grow, and XLM’s resurgence is a testament to its resilience in the face of market fluctuations.
(The contents of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Image from Stellar
source: www.newsbtc.com
