Stellar (XLM) Price Breakout Stalls - Here's Why This Area Is Critical for the Future Trend
The Stellar (XLM) price broke out from a descending resistance trend line. However, it could not sustain its upward movement....
- The Stellar (XLM) price has fallen since November 13 despite breaking out from a descending resistance trend line.
- XLM has nearly reached the $0.110 horizontal support area, which is critical for the future trend.
- The technical analysis shows that XLM has been following a descending resistance trend line since July.
- The XLM price broke out from the resistance trend line on October 23, leading to a high of $0.137 on November 13.
- However, the price has fallen since then, validating the 0.382 Fib retracement resistance level at $0.138.
- The creation of the Stellar Social Club has been announced to give back to the Stellar community.
- The Relative Strength Index (RSI) for XLM on the daily timeframe gives an undetermined reading.
- The reaction to the $0.110 area can determine the future XLM trend, with a strong bounce potentially causing a 35% increase to the 0.618 Fib resistance at $0.161.
The sentiment of the article is neutral. It provides information about the recent price movements of Stellar (XLM) and presents both the possibility of a bounce or a breakdown in the future trend.