Can Bulls Push XLM to $0.60?
Story Highlights
- Stellar price plunged around 15% in 24 hours and retested $0.40.
- Technical indicators show mixed price sentiment, highlighting the uncertainty this week.
- A bullish reversal could push the price towards the $0.60 mark.
As the price of Bitcoin fell by more than 6% today, the crypto market liquidated more than $17 billion in 24 hours. Additionally, top altcoins failed to hold important support levels, with some coins recording double-digit losses.
Has the XLM price rally run out of steam, or will the altcoin stage a strong bullish reversal this week? It only takes you a few minutes to understand the short-term price possibilities of the Stellar (XLM) crypto token.
Stellar Token breaks through an important support trend line!
Although XLM coin’s 24-hour trading volume fell by 13.92% with a trading volume of $3.884 billion, its price has surged by 94.18% in the past seven days and by 372.84% this month. Additionally, it has a market capitalization of $13.3 billion, firmly ranking 14th.
The Moving Average Convergence Divergence (MACD) shows a continued decline in the green histogram, with its average recording an underlying bearish curve on the daily time frame. This suggests a negative outlook for the week.
However, the simple moving average (SMA) supports the stellar price chart. This highlights the mixed price sentiment for the 14th largest crypto token on the market.
Will XLM price recover?
If bulls regain momentum, Stellar Lumens price will retest the $0.50 resistance. Sustaining prices at this level could set the stage for it to head towards the $0.60 price target in the coming period.
On the other hand, negative price action could pull the price towards the $0.40 support. Furthermore, if bearish sentiment intensifies, this could cause the XLM coin to plummet towards lower support at $0.30.
Curious about the long-term prospects of the XLM token? read our Stellar Price Prediction You can also subscribe to us to be the first to explore the latest cryptocurrency-related news!
FAQ
Considering the current market sentiment, the XLM cryptocurrency may reach $0.75 by the end of the year.
The ATH of the Stellar Lumens token is $0.9381, recorded on January 4, 2018.
If the bullish sentiment continues, the XLM token price could reach $6.19 by 2030.
