XLM Surges With 10% Rally – Can The Recovery Hold Its Ground?

Christian Encila

1 year ago

3 mins read

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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.

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.