XLM (Stellar) Cryptocurrency Recovers Significantly After “Sudden Failure”
The price of cryptocurrency XLM (Stellar) on May 19 recorded a historic fall of more than 56.50%. As investors continue to shake with fear, Stellar’s price has stabilized and looks set to rise.
- Stellar’s price jumped from $ 0.64 to $ 0.28 in minutes.
- XLM cryptocurrency has reached a price point not seen since December 2020.
- Stellar price is above the critical support level.
Cryptocurrency XLM is trying to maintain an uptrend
The price movement of the XLM (Stellar) cryptocurrency appears to be contained in an upward parallel channel since the beginning of the year.
Every time the XLM price falls to the bottom of the channel since then, it bounces to the middle or top edge. From this point on, it tends to revert to lower support, which is consistent with the channel characteristics.
The recent 56.50% price drop experienced by the XLM cryptocurrency can be considered irrelevant if it is trading above $ 0.48. If Stellar manages to maintain this area as support, it may have the strength to bounce back towards the middle or upper border of the channel.
These resistance zones are at $ 0.66 and $ 0.94, respectively.
3-day stellar chart (XLM / USDT)
Failure to hold above the lower boundary of the $ 0.48 trend channel is likely to invalidate short-term bullish predictions. If that happens, the XLM cryptocurrency price could drop again to return to its recent low of $ 0.28.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move carries a risk, so you must do your own research when making a decision.
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