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. 
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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?

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