Many altcoins are still under recovery as Bitcoin continues to stay above $80k. However, XLM is down by 4% overnight and might resume aswing lows soon as it faces a key level after almost two weeks’ retracement.
This month came with another roller coaster move after facing resistance at $0.376, but XLM managed to hold above $0.22 and bounced back.
Having seen a little retracement in the past ten days, it faced resistance at $0.3 this Wednesday and paused buying. This led to a drop yesterday and the crypto posted minor losses in the last 24 hours. Failure to retrace above the monthly high could lead to a new selling phase on a daily.
If that happens, we can expect a huge collapse while it maintains a lower low and lower high pattern. Though the sell volume has been relatively low since the price started to fall last November. Looking ahead, $0.1 is considered a key target level for the bears on the mid-term scale.
This key level is where the bulls will most likely initiate an entry. Once the price reaches there, we can expect a key rebound capable of bringing bullish actions back into the market. A major collapse below the $0.09 level would confirm a mid-term expansion of the bearish trend.
XLM’s Key Level To Watch
Source: Tradingview
If XLM pushes above $0.3, the immediate resistance to watch is $0.376. An increase above these price levels could allow a major recovery to the $0.44 and $0.51 resistance before breaking higher.
The support level to keep in mind for an expansion is $0.227. A break below this support could trigger big drops to $0.189, followed by $0.15.
Key Resistance Levels: $0.3, $0.376, $0.51
Key Support Levels: $0.227, $0.189, $0.15
- Spot Price: $0.282
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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