XLM price dropped by 8% in the last 24 hours, but technical indicators show possible bullish reversal.
XLM Price Technical Analysis
Popular crypto analyst VipRoseTr noted that the breakout from a falling wedge is critical for XLM. According to him, the $0.40 level is a good entry for buying with potential targets at $0.5666, $0.6242, and $1. Other analysts concur, indicating that XLM might reach its 52-week high if trend continues.
XLM Price Chart: Bullish Flag Formation
The XLM/USDT 4-hour chart shows a bullish flag pattern suggesting continuation of the upward trend. This pattern features a sharp rise (flagpole) followed by consolidation, with a likely breakout in the direction of the previous trend upon completion.
XLM Key Support and Resistance Levels
VipRoseTr states that the $0.40 level is crucial for supporting further upside movement, while $0.42 acts as the bottom end of the bullish flag. Breaking resistance at $0.45 could lead XLM to $0.50 and $0.60 short-term, with long-term targets of $0.80 and $1.
The market remains optimistic, and many believe continuing the current uptrend could see XLM reach the $1 mark soon.
