Severe Supply At $0.12 Warns XLM Reversal!

Moving in an ultimate sideways in comparison to the bullish market, the XLM price shows a positive cycle. However, the comeback struggles to overcome the overhead resistance despite breaking above the pullback trendline.

Despite the constant bullish struggles, the XLM prices show a 65% YTD growth in 2023. With a bullish year, the Stellar price prediction remains optimistic for the coming months. 

Despite being at a discount of 40% from the 2023 swing high of $0.1959, the XLM price continues to find bullish momentum. Further, the recent bullish reversal fractures the resistance trendline formed during the recent pullback phase.  

However, the recent 15% bullish revival finds solid overhead supply pressure at the $0.1195 zone and resists further uptrend. Currently, the XLM price trades at $0.1169 with an intraday fall of 1.76%, reflecting a short-term pullback. 

Moreover, the underlying bullish sentiments form an inverted head and shoulder pattern with a neckline at 50% Fibonacci level at $0.1195. If the XLM price trend exceeds the neckline, a bull run can reach the 23.60% Fibonacci level. 

Technical pointers:

MACD indicator: The MACD and signal lines cross above the halfway line and continue the positive trajectory. Further, the bullish histograms remain positive. Therefore, the momentum indicator remains optimistic for Stellar.

EMA: The 50-day EMA moves sideways slightly above the 200-day EMA to avoid the death cross.  

What’s Next For Stellar (XLM) Price?

Despite taking a sideways trend for a few weeks, the stellar price trend shows a high possibility of a $0.1195 breakout. The inverted head and shoulder pattern and the recent trendline breakout increase the uptrend chances. 

In case the XLM price reclaim bullish momentum to rise above $0.1195, the uptrend can reach the $0.1426 mark, accounting for a 20% jump. However, on the flip side, a downfall will plunge the market value to $0.1092.