Stellar Price Prediction: XLM moving towards a crucial level that could push it above the $1 mark

TL;DR Breakdown

• Stellar price prediction shows the crypto token is moving towards the lower side of the ascending parallel channel’s trendline.
• A surge from the current $0.4 to $0.44 demand zone could see the cryptocurrency thrust by over 200 percent to record historical numbers.
• If Stellar fails to settle above the current support line, a bearish outlook is likely to gain momentum.

For now, close to a week, Stellar has been recording dismal performances in the market. Although the current price movement is bad for the crypto token, Stellar now appears to be moving closer to a budding launchpad that promises to propel it to higher levels.

Stellar Price Prediction: General price overview

At the time of writing, Stellar is exchanging hands below substantial resistance levels at the junction of the latest 78 percent retracement level at $0.55 and the 361 percent Fibo extension levels at $0.55. Additionally, Stellar is exchanging hands below the latest ATH and the bottom of the preceding cup-with-handle pattern at $0.61. This fact is proving to be a difficult pill to swallow for bullish opportunists as it is a difficult time to invest in the coin if you are looking for short-term returns.

According to Stellar’s weekly price movement, it is clear the crypto coin suffered a 30 percent price deterioration, pushing it towards the $0.4 to $0.45 demand zone. Although the price dip is bad, being on the demand zone promises to push the crypto coin to better heights. According to our analysis, Stellar is poised to rebound past the $1 mark in the looming bullish narrative. At the same time, Stellar’s current price tag coincides with ascending parallel channel’s lower trend line. The lower trend line has always hosted Stellar’s bull run since late 2020 whenever it experienced a dip of such magnitude.

Usually, the lower trend line is created whenever the higher lows and highs are linked using trend lines. At the time of writing, 2 of the 3 higher lows have sprouted from the lower trend line to move towards the upper boundary. This means that Stellar is recording small but consistent upward price movements that could see it bounce above the 130 Fibo extension levels at $1.5.

Nevertheless, for Stellar to reach such heights, it needs to move past key barriers around $0.57 to $0.7. Previously, Stellar faced a lot of resistance at these critical barriers due to the extreme selling pressure. However, if the crypto coin manages to move past this range, it has a high chance of realizing a 200 percent price surge towards the $1.5 mark.

Stellar price movement in the past 24 hours

According to Stellar’s 24-hour price movement, the crypto coin has to have a decisive close above the $0.4 mark to keep the bullish momentum alive. However, if it fails to settle above this region, Stellar will be in for a new downward price movement that could see it slide towards the $0.32 region. Such a price action will coincide with the 78 percent Fibo extension level.

Stellar 4-hour chart

According to Stellar’s 4-hour chart, it appears the bulls need to come and rescue the crypto coin. Apart from the MACD blue line resting below the signal level, historical and technical factors appear to favor a further price dip.

Conclusion

Stellar is not the only cryptocurrency taking a beating in the market at the moment. Almost all of the top 10 altcoin movers in the market are struggling to turn their price movement from red to green. It will take a few days for any significant price correction to be recorded from the look of things.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.