Stellar (XLM) has broken a multi-month bearish trend, displaying a sharp uplift. A short-term pullback is expected before potentially reaching the $0.32 resistance level.
Breakout from Downtrend
Stellar (XLM) has decisively broken out of a long-standing bearish trend characterized by lower highs and lower lows. After a prolonged period of selling pressure, the price has reversed sharply, entering a technical resistance area. This indicates a structural shift in the XLM market and suggests a regain of control by bulls.
Technical Levels and Targets
Key technical points include:
* Breakout from bearish structure: multiple higher closes above dynamic resistance. * Support confirmed at $0.22: this area acted as a reversal zone. * Next target at $0.32: this high value area serves as short-term resistance and is aligned with the 0.618 Fibonacci level.
Expectations for Price Action
In the near term, expect a pullback from the current resistance level. If the point of control (POC) holds on retest, the next bullish target for XLM will be the $0.32 level. A successful retest might signal a continuation of the bullish transition.
The current market trends for XLM indicate potential movement into a new bullish phase. Awaiting a short-term pullback could provide a signal for further growth towards $0.32.
