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Market Analysis

Stellar (XLM) Technical Analysis – Can this support send XLM higher?

Today we bring you a fresh update of Stellar, the distributed and open-source network looking to be a leader in transfer services.

XLM’s market capitalisation has mirrored the Altcoins’ market cap movements in the last few days. XLM’s market cap went from $2.5 Bn during the end of June to $1.7 Bn in the moment of writing. Similarly, the 24h Volume has declined from $607 Million USD in June to $261 Million USD. Regarding its latest highs, $0.099 was the most remarkable high during the week for XLMUSD, while the 30-day high was $0.1348.

If we breakdown the daily timeframe, XLMUSD is now reaching historical demand levels. The support highlighted in the chart (around the $0.0786) was rejected on Wednesday and Thursday, with price earning over 30% since the bounce. Daily candles are now showing a clear entrance of the bulls, with the next possible target being the $0.0944 liquidity zone.

Traders must watch how the weekly candle closes on Sunday, as it will determine upcoming movements. If it closes as Doji, perfectly rejecting the named support, then we can see the price rising over 10% next week.

Bear in mind that before the 30th of September, XLM’s team has scheduled the release of the Q2 protocol as well as important improvements in their well-known Kelp Bot and some decentralisation features. Also, during this quarter, Q3 and Q4 protocols will be experiencing significant upgrades that can push the price higher if they turn out to be successful.

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