Stellar (XLM) is consolidating between $0.15 and $0.17 amid a long-term bearish trend. Analyst Ali Charts identifies a breakout above $0.166 resistance as a potential trigger for moves toward $0.18 by late March. The coin currently trades at $0.1671, showing a 10.65% daily gain.
Stellar’s (XLM’s) purpose is to allow for fast and affordable international payments using its blockchain network. The coin is currently trading at $0.1671 with an increase of 10.65% over the past 24 hours.
The TradingView chart indicates that Stellar’s price has been consistently under both the 50-day and 200-day moving averages. This shows that the overall market trend is currently bearish.
The price has continued to dip for three months before finding some support near the $0.15-$0.16 area. The RSI currently hovers around the neutral 50 mark, indicating that selling is slowing down but that there is still no solid upward momentum yet.
If the price breaks and holds above the $0.17 resistance level, the next possible target levels could develop near $0.176 and $0.186. This corresponds to the current projected price level of $0.18 for March.
Analyst Ali Charts called attention to various breakout points on the charts for XLM. “For Stellar $XLM, the key levels are $0.166 resistance and $0.148 support.”
He outlined a bullish setup requiring a 4-hour close above $0.166 with a stop at $0.160. The targets in this scenario are $0.176 and $0.186, according to his post. Right now price is finding support at $0.148 and if a push above $0.166 were to happen, the upward momentum could provide enough strength for the price to move closer toward $0.18.
