What to know:
- XLM is consolidating just below the $0.17 resistance level
- Technical indicators suggest gradual bullish momentum building
- Forecast data supports a potential move toward $0.18
Stellar, a decentralized blockchain network, aims to quickly and cheaply enable cross-border transactions.
It is recognized as one of the top altcoins capable of conducting effective digital asset transfers while providing a wide array of other options for utilizing its ecosystem. At press time, the coin is trading at $0.1665 with an increase of 1.15% over the past 24 hours.
Chart Shows Consolidation Before Breakout
From the TradingView chart below, XLM is currently trading in a narrow consolidation range just below $0.17, which is a major resistance line. As a result, this behaviour is typically regarded as an imminent breakout, which will be supported by strengthening technical indicators.
For instance, as indicated by the RSI staying in the midrange, XLM is not overbought and still has further upside potential (between $0.175-0.18).
The MACD, on the other hand, indicates that a bullish turn has yet to occur (it limits upside XLM eventually unless buy pressure can push it through).
If buy pressure continues to build, XLM will likely break through resistance and steady up towards $0.175-$0.18.
Also Read: Stellar (XLM) Surges: 1.4B worth Big Wins After Commodity Status
Gradual Increase in Value Expected
CoinCodex forecasts that XLM will gradually appreciate over the course of March 30-31 as it indicates growth of approximately 3%, which is consistent with the continuing consolidation pattern of prices.
This indicates that there is controlled momentum rather than extreme volatility, meaning that the steady growth could continue to support future price action and allow for further upward movement towards higher resistance levels.
Community Sentiment Stays Bullish
Most traders hold a positive view of XLM and continue to expect prices to continue moving upward. Therefore, increasing the level of confidence that has been built up in the marketplace and supporting continued buying interest in XLM as a way of continuing the upward movement of prices to the targeted value of $0.18.
Overall, XLM is setting itself up well for a near-term upward movement. Assuming the overall trend continues, a breakout above $0.17 will give way to an upward move towards the $0.18 target.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Stellar (XLM) Faces Breakdown Risk if $0.153 Support Fails
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