Stellar (XLM) Faces Resistance at $0.30, Eyes Breakout
Key Takeaways
- Stellar (XLM) continues to exhibit a bearish market structure.
- The resistance at $0.30 is crucial for a potential recovery.
- Technical indicators suggest weak selling momentum.
- A breakout above $0.31 could pave the way for further price gains.
Stellar Struggles with Resistance at $0.30
Stellar (XLM) is in a challenging market phase. The price has maintained a bearish structure in recent weeks, with the resistance at $0.30 proving to be a key level. If the bulls manage to turn this level into support, further price gains up to $0.35 or even $0.37 could follow.
Technical Analysis: Bearish Market Structure Dominates
An analysis of price movements shows that XLM has consistently exhibited a bearish structure throughout February. The Relative Strength Index (RSI) remains below 40, indicating continued downward momentum. However, the On-Balance Volume (OBV) does not show a significant decline, suggesting that selling pressure is limited.
Short-Term Price Movements and Resistance Levels
On the 4-hour chart, a trading range between $0.256 and $0.30 has formed. Above this range, there is a resistance zone between $0.303 and $0.31. If XLM fails to break through this level again, it could trigger another downward move. However, a successful breakout above $0.31 would challenge the bearish scenario and open the door for a recovery.
Liquidation Zones as Potential Price Targets
Liquidation data shows strong liquidation zones between $0.303 and $0.31. These levels could be tested in the short term before a possible correction occurs. In the long term, additional liquidation zones at $0.35 and $0.37 could serve as potential price targets if XLM sustainably surpasses the $0.30 mark.
Our Assessment
Stellar is at a critical juncture. As long as the price remains below $0.30, the bearish scenario prevails. However, a breakout above $0.31 could signal a trend reversal and enable short-term gains. Traders should closely monitor price movements and wait for confirmations before entering positions.
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