Stellar Price Analysis: Will XLM Price Reach $0.23 In The Next Recovery Spike?

XLM coin price maintains a remarkable uptrend in 2023, accounting for a price jump of 111% in a year-to-date growth. XLM price action displays a rise in underlying bullish support for the XLM coin over the past few weeks. However, despite the recent spikes in XLM prices, the market value struggles to exceed the $0.172 level. 

With a recent recovery from the $0.14, slightly above the 61.80% Fibonacci level, the XLM calling price jumps break above the falling channel. Accounting for a 15% jump, the Stellar price sustains above the $0.15 mark. 

Following the price jump, XLM’s price consolidates between $0.1550 and $0.1650, projecting a flag pattern. This bullish formation teases a prolonged uptrend to challenge $0.172, the previous swing high. 

At the moment of writing, the XLM coin price shows higher price rejection in the daily candle, with a 0.44% drop. In the 4-hour chart, the bearish candle lacks bearish commitment evidenced by the trading volume, hinting at further consolidation.

The RSI line is reversing from the oversold territory, showing a slight downward trend, indicating a potential retracement to the halfway line. While MACD and signal lines continue to align bullishly, a decline in bullish histograms forecasts a possible bearish crossover.

Should XLM coin prices succeed in surpassing the bullish flag pattern, the coin has the potential to ascend towards the $0.172 swing high, with a target of reaching $0.19, near the $1.272 Fibonacci level.

Conversely, if bearish momentum persists, it could result in an 11% drop in XLM prices, potentially testing the $0.14 support level.