Stellar price is holding at critical confluence support around $0.32, aligned with the golden pocket Fibonacci zone and value area low. A breakout from the wedge formation could propel price toward $0.50 resistance.
Summary
- Stellar is holding at the golden pocket (0.618), aligned with high-timeframe support at $0.32 and the value area low.
- An 8-point falling wedge formation is nearing its breakout point.
- Confirmation with volume could drive price toward $0.50, the wedge’s technical target and major resistance.
Stellar (XLM) has reached a pivotal technical region that could determine its medium-term trajectory. Price action is currently testing the golden pocket Fibonacci retracement zone, aligning with the value area low and high-timeframe support at $0.32. The setup is reinforced by a falling wedge pattern, a historically bullish formation that often precedes sharp rallies when confirmed with volume.
With these factors converging, Stellar could be on the verge of a significant breakout rally toward $0.50. Supporting this outlook, Ondo Finance has introduced USDY, a yield-bearing stablecoin backed by U.S. Treasuries and bank deposits, marking the first of its kind on the Stellar network.
Stellar price key technical points
- Golden Pocket Support: Price is testing the 0.618 Fibonacci level, overlapping with high-timeframe support at $0.32.
- Value Area Low Confluence: The region aligns with the value area low, strengthening this zone as a reversal point.
- Bullish Wedge Formation: An 8-point falling wedge is nearing its apex, with volume likely to drive the breakout.
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Author: Aziz Zamani
