Stellar (XLM) is actively testing trendline support and struggles to overcome the resistance level at $0.45. September may prove crucial in determining its future direction.
Trendline Support and Resistance Tests
The chart structure indicates that Stellar has been respecting its ascending trendline since late June. This trendline serves as a key reference point for the broader uptrend. Currently, the price hovers around support while attempting to break the $0.45 resistance level. If Stellar can hold to the trendline, it may lead to a retest of the resistance.
Market Volume and Trading Behavior
Market statistics show that trading volumes peaked in June during a strong uptrend, but have since decreased. Current prices remain relatively stagnant, indicating that while speculative interest has waned, overall interest in Stellar persists.
Potential Scenarios Ahead
If Stellar continues along the trendline, a rebound at the $0.45 resistance is likely. A breakout above this level would validate market strength and pave the way to subsequent resistance levels. Conversely, failure to hold the trendline could lead to a return to the $0.32 - $0.34 range.
September may become a decisive month for Stellar (XLM), determining if it secures a path upwards or revisits lower demand zones.
