Stellar (XLM) Price Breakout Stalls - Here's Why This Area Is Critical for the Future Trend


17 Nov 2023 3:00 PM

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.

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You May Ask

What is the current price of Stellar (XLM)?What is the significance of the $0.110 horizontal support area for XLM?When did the XLM price break out from the descending resistance trend line?What is the purpose of the Stellar Social Club?What can the Relative Strength Index (RSI) indicate about the market trend for XLM?

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