BTC-Newswire

XLM eyes 30% surge amid falling wedge pattern – Key levels to watch

Press Releases Crypto News AMB-Crypto XLM eyes 30% surge amid falling wedge pattern – Key levels to watch

XLM teases a breakout with a falling wedge pattern, eyeing a 30% rally to $0.445.
Bearish indicators dominate, but rising Open Interest hints at heightened volatility.

Stellar [XLM] is showing potential for a breakout after forming a falling wedge pattern, a setup that could lead to a 30% price increase to $0.445.

Traders are closely monitoring key resistance at $0.3400 for signs of upward momentum or a possible decline to $0.2600 if bearish pressure continues.

XLM traded at $0.3172 at press time, with a 24-hour trading volume of $316.87 million. Over the past week, the altcoin declined by 4.94%, dragging its market cap to $9.70 billion with a circulating supply of 31 billion tokens.

Key resistance and support levels

XLM/USD has been trading within a descending channel at press time, with the upper boundary at $0.3400 acting as resistance.

A breakout above this level would likely confirm bullish momentum, paving the way for a rally toward $0.4450, a projected increase of approximately 30.95%.

Source: TradingView

On the downside, immediate support was located at $0.3047, where the price appeared to be consolidating.

If XLM breaks below this level, traders may see further bearish momentum, testing the next major support level at $0.2602.

This level would represent a stronger downtrend and a significant shift in market sentiment.

Bearish signals emerge

Technical indicators suggested that XLM was under bearish pressure at press time. The Death Cross—when the 50-day Simple Moving Average (SMA) crosses below the 200-day SMA—indicated a lack of buying momentum.

XLM has struggled to break above its moving aver

Go to Source to See Full Article
Author: Olivia Stephanie

Did you like this?
Tip BTC Newswire with Cryptocurrency