Crypto analyst Ali shared an update on Stellar (XLM) market conditions. We currently observe intriguing changes on XLM charts and potential trading signals.
Hourly Chart and Technical Analysis
According to analyst Ali, the TD Sequential indicator is showing a 'buy' signal for Stellar, indicating a possible reversal of the downward trend. At the time of charting, XLM was valued at $0.27818, experiencing a 1.13% increase from the previous candle. The chart displays a red '9,' which often indicates trend exhaustion and potential reversal.
Daily Chart Analysis
Examining the daily chart reveals that XLM is pressured by a descending trendline dating back to November 2024. The current price is hovering around $0.277, sustained by horizontal support between $0.26 and $0.275, indicating a consolidation within a tightening range.
Potential Scenarios and Signals for Traders
A breakthrough of the resistance level might target the descending trendline. However, a break below the $0.26 support could lead to a price drop towards $0.24 or lower.
Stellar (XLM) is at a critical juncture, with future price movement contingent on overcoming key support and resistance levels.
