Stellar price was bound for a heavy correction of around 60% in the next few months. So far, XLM price looks like it is following this exact trajectory lower. On one hand, the entire crypto market is adjusting lower like Bitcoin and Ethereum. On the other hand, the trading volumes across all exchanges are at their lowest. In today’s article, we will explain the Stellar price could continue in the next few days/weeks so that you can benefit or limit your losses.
Stellar price breaks resistance! Trend Reversal Confirmed?
Stellar price broke the $0.2070 resistance today. However, the resistance has not yet been confirmed as the price has not yet closed the day above the resistance. Since today’s volume on the Stellar price is relatively high, we already expect a confirmed break of the resistance in the future. If this happens in such a way that the price has a daily close above resistance, we would be bullish.
Can XLM Price go up next week?
If the Stellar price breaks the resistance, we assume that we will target the next resistance. This is around $0.23 and would record a price gain of around 10%. After the price breaks the resistance, the price might drop again to $0.2070. That would be the target of the next correction. Don’t forget the parent chart, though. In this we remain bearish and could reach the target price of around $0.09.
For now, the entire crypto market is adjusting lower. It is very normal to see XLM prices retrace a bit lower than the $0.20 price to follow the crypto market’s bearish trend. On the other hand, if the coming week turns bullish and the buying power comes back to crypto exchanges, XLM price should definitely go back higher and reach the price of $0.22.
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