XLM Surges With 10% Rally – Can The Recovery Hold Its Ground?
08 Setembro 2023 - 12:30PM
NEWSBTC
Stellar (XLM) has experienced a robust resurgence, bouncing off a
crucial support level at $0.11. Chart indicators are pointing
towards a promising outlook for bullish investors, marking a
significant shift in momentum since mid-August. This second rebound
from the same support level underscores the formidable strength
exhibited by bulls, hinting at the potential for further gains. A
price analysis notes that the $0.11 support level has emerged as a
steadfast defense line for XLM enthusiasts. Recent price action has
illustrated that bears would need to work diligently to flip this
level in their favor, extending the bearish momentum.
However, the bulls have displayed unwavering determination, as
evidenced by the latest retest of the support on Sept. 4, which
triggered a notable price pump. Related Reading: XRP Bottom Support
Holds Strong: A Healthy Sign For The Crypto’s Price? As of the
latest data, XLM is trading at $0.124 according to CoinGecko,
reflecting a 2% rally over the past 24 hours and an impressive 10%
surge in the last seven days. These gains are indicative of growing
optimism among XLM investors. XLM Chart Indicators Favor Bulls The
on-chain indicators are aligning with the bullish sentiment
surrounding XLM. The Relative Strength Index (RSI) hovers around
the neutral 50 mark, suggesting a healthy demand for XLM.
Additionally, the Chaikin Money Flow (CMF) stands at +0.10,
indicating an influx of capital into XLM. This influx is typically
a bullish sign, pointing towards the growing confidence among
investors in the cryptocurrency. Despite the resurging optimism,
XLM faces a battleground in the long/short ratio on exchanges. The
tight margins indicate that sellers are actively trying to thwart
the bullish rally. While long positions are inching closer to the
critical 50% flip point of the long/short ratio, sellers currently
maintain the upper hand, exerting pressure on XLM’s upward
trajectory. XLM market cap currently at $3.4 billion. Chart:
TradingView.com What Lies Ahead For XLM? With the $0.11 support
level proving to be a formidable stronghold for bulls and chart
indicators hinting at further gains, XLM enthusiasts are eyeing a
target range of $0.17 to $0.19, aiming to revisit the highs last
seen in July. The crypto market remains dynamic and volatile, so
investors should remain vigilant and stay tuned for developments
that could impact XLM’s price trajectory. Related Reading: LINK
Price Surge Ahead? Chainlink Sharks Bet Big On Accumulation XLM has
staged an impressive rebound, bolstered by strong support and
positive chart indicators. While challenges persist in the form of
bearish resistance in the long/short ratio, the bullish momentum
remains intact, with investors setting their sights on recapturing
the July highs. The cryptocurrency market continues to evolve, and
XLM’s resurgence is a testament to its resilience in the face of
market fluctuations. (This site’s content should not be construed
as investment advice. Investing involves risk. When you invest,
your capital is subject to risk). Featured image from Stellar
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