Convergence

Stellar

Time

Gains

Divergence

Stellar’s native token, XLM, has experienced a tumultuous month. Over the past 30 days, the price of XLM has seen a modest decline of 4%. This downtrend is not isolated to Stellar alone. Ripple’s XRP, a cryptocurrency often seen <a href="https://captainaltcoin.com/stellar-lumens-xlm-strongly-correlates-with-xrp-heres-the-next-price-target/" target="_blank" rel="noopener noreferrer nofollow">as a close counterpart to Stellar</a>, has also been on a downward trajectory, plummeting by a significant 12% in just the last 24 hours. 
However, the market is ever-changing, and recent patterns, according to <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true">altFINS</a>, suggest a potential shift in Stellar’s price dynamics. After breaking free from a Falling Wedge pattern, a classic bullish reversal pattern, XLM’s price surged to a peak of $0.19. This rapid ascent pushed the Relative Strength Index (RSI) above 75, indicating an overbought market condition. As a result, traders swiftly capitalized on this uptrend, leading to increased selling pressure. 
<figure class="wp-block-image size-large"> <a href="https://captainaltcoin.com/go/altfins/" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" loading="lazy" width="1024" height="550" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-1024x550.png" alt="" class="wp-image-313118" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-1024x550.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-300x161.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-767x412.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-1536x825.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-2048x1101.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-279x150.png 279w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-100x54.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-651x350.png 651w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434-788x423.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-434.png 1470w" sizes="(max-width: 1024px) 100vw, 1024px"></a> 
</figure> 
Following this spike, XLM experienced a bearish breakout from a Flag pattern. This technical formation typically suggests a continuation of the prevailing trend. As of now, the nearest minor support for XLM stands at $0.13. For traders and investors, this could present an opportune entry point, and it would be prudent to set a price alert for this level. 
Current Market Trend: 
<ul> 
 <li>Short-Term: Neutral</li> 
 <li>Medium-Term: Uptrend</li> 
 <li>Long-Term: Uptrend</li> 
</ul> 
Delving deeper into the momentum indicators, the Moving Average Convergence Divergence (MACD) line currently sits below the MACD Signal Line, signaling a bearish trend. However, with the RSI hovering around the 50 mark, the market sentiment remains neutral. Interestingly, the rising MACD Histogram bars hint at a potential momentum shift, suggesting that an upswing might be on the horizon. 
Key Support and Resistance Levels: 
<ul> 
 <li>Support Zones: 
 <ul> 
 <li>Primary: $0.130 (previously acting as resistance)</li> 
 <li>Secondary: $0.100</li> 
 </ul> </li> 
 <li>Resistance Zone: $0.190</li> 
</ul> 
While the short-term outlook for XLM remains neutral, the medium and long-term trends are bullish. As always, traders should keep a close eye on key support and resistance levels and utilize momentum indicators to make informed decisions. 
Join us on <a href="https://www.facebook.com/captainaltcoin" data-type="URL" data-id="https://www.facebook.com/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Facebook </a>and <a rel="noopener noreferrer nofollow" href="https://twitter.com/CaptainAltcoin" target="_blank">Twitter</a> for the latest insights and discussions in the world of crypto. 
Explore our <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/tag/news/" data-type="URL" data-id="https://captainaltcoin.com/tag/news/" target="_blank">new</a><a href="https://captainaltcoin.com/tag/news/" data-type="URL" data-id="https://captainaltcoin.com/tag/news/" target="_blank" rel="noopener noreferrer nofollow">s section</a> and stay ahead of the curve with our expert <a href="https://captainaltcoin.com/predictions/" data-type="URL" data-id="https://captainaltcoin.com/predictions/" target="_blank" rel="noopener noreferrer nofollow">price predictions</a>. 
The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/traders-eye-key-support-levels-as-stellars-xlm-consolidates-recent-gains-time-to-buy-the-dip/">Traders Eye Key Support Levels as Stellar’s XLM Consolidates Recent Gains – Time to Buy the Dip?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Traders Eye Key Support Levels as Stellar’s XLM Consolidates Recent Gains – Time to Buy the Dip?

CaptainAltcoin

Other articles published on Aug 14, 2023

Curve Finance to Reimburse Users Post Hack

Integration of Ribbon Finance with Aevo: A Strategic Move

Ethereum explained: A Beginner’s Guide for the Digitally Curious

TeraWulf Sees Sharp Rise in BTC Rewards with Increased Mining Capacity!

SEC Becoming Unpopular in Crypto Circles Since XRP Victory

DeFi Blockchain Explorer Platform DeBank Launched Layer 2 Chain Using OP Stack

Join our free newsletter for daily crypto updates!