STELLAR PRICE ANALYSIS & PREDICTION (February 16) –XLM Shows Strength Following a Double-Digit Gain Overnight, Looking For a Retest
Locating temporal support at $0.3, XLM Bounces slightly and showed strength today following a steady increase since the start of the week. The selling pressure may resume if the bulls fail to sustain pressure.
After last week’s sudden crash, which was followed by a quick rejection, XLM established support above $0.3 and increased this week. It now floats above $0.35 following the latest recovery across the market.
This recovery targets the $0.41 level that triggered the early month drops. A retest at this price level will determine the next direction of the market. While rejecting the level may cause another leg down, a notable break above it will likely signal a potential reversal in the existing trend.
However, XLM’s trend is still considered bearish on the short-term scale following an extending correction this month. This came after breaking below $0.4 earlier this month. Retaking this level could restore bullish hope. From the look of things, the bears are likely to defend the level.
A steep drop from that level could bring the bears back in action. This could lead to a dramatic decline while the supply level increases. It must reclaim the November 2024 high to confirm a bullish continuation. For now, the bears are still in control.
XLM’s Key Level To Watch
XLM will likely reject the $0.4 level. If that happens, we may see a rollback to the key $0.3 level, which has been providing support since the start of this week. Below this key level lies $0.26 and perhaps $0.189.
A surge above this level should allow a test at the $0.41 level. The higher resistance levels to consider for a massive surge are $0.51 and $0.637.
Key Resistance Levels: $0.41, $0.51, $0.637
Key Support Levels: $0.3, $0.26, $0.189
- Spot Price: $0.35
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
