Stellar gains Momentum as It Breaks Key Support
Stellar (XLM) is gaining strength after reclaiming a crucial support level. This level, which previously acted as resistance, is now supporting the price.A bullish trend may be forming, with the potential for a move toward $0.35.
Here are the key points:
- Key Support Reclaimed: The $0.20 level, which was resistance since April 2022, is now acting as support.
- bullish Market Structure: The price is forming higher highs and higher lows, indicating an uptrend.
- Confluence of support: XLM is bouncing off a zone supported by the 200-day MA, point of control (POC), and channel trendline.
- Volume Behavior: Declining volume at support frequently enough precedes a strong upward move.
Stellar’s technical structure is bullish after confirming the $0.20 level as support.This level has been a barrier since Q2 2022 but now acts as a foundation for a potential rally. The asset is making higher lows and higher highs, confirming an uptrend. On intraday charts, price is within a bullish ascending channel, supported by the 200-day moving average and POC.
A bounce is already underway, with a 1.17% uptick. If buyers dominate the next influx, XLM could accelerate toward $0.35. If support at $0.20 holds and is followed by a volume-backed move, a rally toward $0.35 is possible in the short term. The outlook remains positive unless key supports break down.
