According to CoinMarketCap, many cryptocurrencies are trading in the green zone today, with XLM being one of the leaders, having surged almost 12% in the last day. Let's review the current status and future prospects.
Current Status on the Hourly Chart
On the hourly chart, the price of XLM is near the local resistance level of $0.4819. As most of the daily ATR has been passed, chances of any sharp moves soon are low. However, if the hourly candle closes near or above this mark, growth may continue to the $0.50 area tomorrow.
Analysis on a Longer Time Frame
On the longer time frame, attention should be paid to the candle's closure around the $0.4718 level. If this happens, traders may witness a test of the $0.50-$0.52 range soon.
Midterm Prospects for XLM
From a midterm perspective, the price of XLM is in the middle of a wide channel. One should focus on the psychological level of $0.50. If the weekly bar closes near it with no long wick, growth may continue to $0.60.
At press time, XLM is trading at $0.4738. The next few days will demonstrate whether the positive trend continues and if the $0.50 area will be reached.
