Stellar (XLM) shows significant price recovery, registering an 8% gain. This indicates a potential shift in market sentiment ahead of the Federal Reserve's decision.
Current Market State and the Federal Reserve's Role
Most digital assets are in the green at the start of Wednesday's trading session, awaiting the U.S. Federal Reserve's interest rate decision. Traders are 99% confident that the rates will remain unchanged.
Price Changes and Key Resistance Levels
After the weekend, XLM rebounded from lows of $0.262 and reached highs of $0.29. At the time of writing, XLM was up 6.39% in the last 24 hours to $0.285 and up 12% weekly. There's interest in key support and resistance levels to gauge XLM's next moves.
Potential Scenarios for XLM
XLM's recent rebound brought it above the daily SMA 200 at $0.27. The key level of interest is $0.294; if surpassed, XLM could challenge the daily SMA 50 at $0.315. Successful breakthroughs could lead XLM to $0.514 and $0.60. Another possibility includes consolidation between the daily moving averages of $0.315 and $0.27. Analysts predict a potential major move in the coming days, targeting $1.60 if a bullish pattern is confirmed.
Investors remain cautious, monitoring overall market trends and macroeconomic factors that may impact XLM's short-term price movement.
