Stellar (XLM) Support at $0.1747 Holds; a Strong Rebound May Have Started
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- XLM is showing signs of a bullish rebound.
- SRSI remains bullish after moving out of oversold levels.
- XLM could retest $0.2000 and target $0.2500–$0.3000.
The Stellar token continues to benefit from significant inflows of tokenized funds, claiming a massive share of over $2.5B. This has translated into some traction in the token’s market. Even technical indicators are aligning to hint at a possible significant upward rebound.
XLMUSDT on a 24-Hour Market Chart
The previous session on the Stellar daily chart delivered a strong upward bounce. The ongoing session has tried to hold that momentum but has faced significant pushback from bears. Nevertheless, trading stands above the 9-day Exponential Moving Average (EMA) line.
The lines of the Stochastic Relative Strength Index (SRSI) are maintaining an upward crossover from the oversold region. The lead line of the SRSI has made it past the 50 threshold level and seems to be heading towards the 60 mark, despite the pushback seen in the current session.
XLM Takes to a Bullish Course
On the Stellar daily chart, we can see that price action has been able to deliver a double bottom pattern, which indicates a bullish reversal. As such, this affirms the opinion that a strong upward correction may result at this point.
The lines of the SRSI indicator stay poised upwards from the oversold region, aligning to suggest that the trajectory of the market may stay northward. As such, this may be a nice opportunity to enter the market in anticipation of the market hitting higher price levels subsequently.
Stellar Prepares to Breach the $0.2000 Ceiling.
Price action has already delivered a strong bullish signal. The double bottom pattern suggests that a breakout is near. As such, the breakout will be of the $0.2000 price level. Breaking this price level will suggest that the market may establish a new higher support. As such, traders may want to target the $0.2500 and $0.3000 price levels.
