Anticipated XLM Price Movements Today
Stellar Lumens (XLM), a popular cryptocurrency, is currently experiencing a bearish dynamic, with the price approaching a significant drop, according to Bitcoin and blockchain technology specialist Charles Ledoux. However, there are signs of potential recovery in the medium term.
XLM has failed to break the key resistance at $0.50, but a medium-term return to this level remains probable, offering an attractive risk/reward ratio. The cryptocurrency has lost its 50-day moving average and there are concerning technical signals for XLM, but it has also approached a breakout from its 7-year accumulation phase.
If XLM bounces off its current support at $0.22, the first resistance to aim for is $0.33, which represents a potential 50% gain from the current price. Bullish divergences in the 4-hour chart should be waited for before considering a long position.
The long trade strategy for XLM suggests an entry zone between $0.26 and $0.22, with a stop-loss at $0.188. XLM should return to its liquidity zone between $0.25 and $0.22, which could provide a good opportunity for entry.
In the short term, XLM may remain volatile, with potential for a significant drop. However, the support levels at $0.33 and $0.22 will be crucial in determining XLM's next trajectory. It will be important to monitor the 1-day RSI for XLM to confirm the trend.
Current volatility and lack of clear fundamental catalysts may delay the bounce, but various crypto analysts like Alex Krüger and PlanB have identified bounce levels around $0.10 to $0.12 in the past, with support levels near $0.08 to $0.09 considered key for potential long-term recovery.
For those interested in buying Stellar Lumens (XLM) on Bybit, follow the provided steps. As always, it's essential to monitor trading volumes and Stellar-related announcements to confirm the trend.
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