Stellar’s native cryptocurrency, XLM, now trades at $0.2488, while daily volume reaches $170.5 million across all markets.
This action pegs XLM’s aggregate market capitalization at $7.76 billion as the token sees active trading despite several days of negative downward pressure.
Short-term performance has been hurt by recent volatility in the broader crypto space, but indicators now signal the potential for a comeback on the price front.
Stellar’s technical chart posted by analyst Matthew Solberg, details a bullish pennant configuration taking shape from past price consolidations.
This chart features a red downtrending trendline as the upper limit of the pennant, a configuration widely known for announcing continuation of prior directional moves.
To support this argument, the token’s 200-day Exponential Moving Average (EMA) stands solidly intact at the $0.19 to $0.22 range and fortifies this range as a crucial support level.
Key price targets signal a mid-term uptrend for XLM
However, if XLM maintains support above the $0.22 resistance zone and builds a higher high in the coming sessions, analysts expect movement.
The chart offers three potential targets: $0.35, $0.44, and $0.63, which are the token’s potential outcomes in case buyers step in decisively. These levels agree with the yellow upside trendlines and are probable areas of mid-term resistance on the next rallies.
The candlestick graph exhibits the current price action settling within this support base and the process of consolidation, potentially reaching a turning point in the immediate future.
EMA indicators agree to past price action, offering good verification of said trend direction. A green horizontal support line forms the base, supporting current sentiment through market trades and observers monitoring momentum.
Nonetheless, with steady volume and increasing interest, XLM can potentially create a breakout to higher valuation points provided the prevailing trends continue gaining upward momentum in the weeks to come.
