Stellar XLM has slipped below the range low after the recent crash. Despite the minor price recovery rally, Stellar XLM is trading below it. Going forward, the remittance token’s future is dependent on this barrier level and will play a pivotal role in deciding its short-term future.
Stellar XLM has been on a massive downtrend since May 19 and shows no signs of a concrete recovery so far. The recent drop exacerbated its position as Stellar price slid below the swing low at $0.275, painting a bearish picture.
However, Stellar XLM price still has hopes of a massive upswing, especially if it reclaims the range low at $0.275. In such a case, Stellar XLM bulls will eye the 50% Fibonacci retracement level at a price of $0.404, a 45% upswing.
This rally will not be a cakewalk due to the resistance levels at prices of $0.303 and $0.352. Therefore, investors need to keep a close eye on these barriers.
While the upswing narrative seems like a stretch, Stellar XLM price must keep above $0.247, the open of the bullish order block on June 22.
A dip into the demand zone extending from $0.184 to $0.200 level will not necessarily invalidate the bullish outlook but weaken it. Therefore, a decisive 4-hour candlestick pattern close below $0.184 might kick-start a 9% downswing to $0.167.
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