- Stellar price saw bulls rebuffed by further uptrend at a historic $ 0.40 level.
- The XLM price bounced off two tech supports the day before.
- Expect to retest the trendline and see the bulls push prices down to $ 0.45.
The price of Stellar (XLM) continues to fluctuate a little after the movement in cryptocurrencies that rocked global markets on Wednesday. By hiding the XLM price action, bulls were given a window of opportunity at around $ 0.36, with two technical elements supporting the bulls and limiting the bears in their trail. Expect momentum to continue building in favor of bullish action with a pop towards $ 0.45 through next week.
The XLM price forms bullish signals with USD 0.45 as a price target
The XLM price saw the bulls gain quite a bit of volume at $ 0.36, with the monthly pivot providing support and the 200-day Simple Moving Average (SMA) providing support and a buying opportunity. This formed a bullish trend channel that should provide further support in the coming days and generate additional upside potential for Stellar price actions. For now, expect a retest of $ 0.40 which should break slightly now after the bulls regained strength in the dips at $ 0.36.
XLM / USD daily chart
The XLM price is sure to cause the bears to retest the purple ascending trendline to test how strong the conviction of the XLM bulls is right now. Expect this purple ascending trendline to hold support and push price action further up against $ 0.40 in a bullish triangle within the newly formed trend channel. Once there, it’s an open road to the R1 monthly resistance level at $ 0.45. Until then, the bulls will get a little help when the 55-day Simple Moving Average crosses the 200-day average and forms a golden cross that should stimulate even more activity on the buy side and further support the bulls in their uptrend.