Is #XLM Ready For another Bullish Push or Not? Key Levels
Yello, Paradisers! Is #XLMUSDT about to surge to new heights or are we on the verge of a deeper correction? Let’s analyze this critical setup of #Stellar:
💎#XLM has been forming a classic falling wedge pattern on the 8-hour chart, a formation known for its bullish breakout potential. Price is currently testing the descending resistance, and this is where things could get exciting. A clean breakout above this resistance would signal a major shift in momentum and open the door for a significant move higher.
💎When #XLMUSD clears the descending resistance of the falling wedge, the immediate resistance lies at the $0.45 level. This critical level needs to be cleared for XLM to confirm its bullish breakout. If bulls succeed, the next target lies in the major resistance zone near 0.6500, representing a potential 40%+ upside. Look for strong volume and convincing bullish candles above the resistance to confirm market conviction. Without these signals, any upward movement could turn out to be a fakeout.
💎However, if #XLM fails to clear the descending resistance then it might come to retest the support zone at $0.32. Buyers have held this level and the probability of jumping here is quite high. But if this level also doesn't hold, there will be a retest of the demand zone at $0.24.
💎However, a daily close below $0.24 would invalidate the bullish setup and potentially lead to a sharper drop toward 0.2000 or lower.
Stay focused, patient, and disciplined, Paradisers🥂
MyCryptoParadise iFeel the success🌴
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Boom! #XLM is doing just what we said. Up 44.26% and looking good!
💎#XLM successfully broke out of the falling wedge formation we identified earlier, confirming a bullish reversal. Price is now trading above the descending resistance and consolidating near the $0.45-$0.48 zone. This area has become a key battle ground as #Stellar tries to approach the major resistance level above.
💎To maintain bullish momentum, XLM needs a strong push above the $0.50 mark with significant volume and clear bullish candles. If the breakout materializes, the next target lies in the major resistance zone around $0.65, offering a potential 35%+ upside. Watch for a clean break to confirm market conviction and avoid potential fakeouts.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.