Stellar (XLM) has shown early signs of recovery, gaining nearly 4% as the market seeks stability near critical support levels. According to analysts, a key price to watch is $0.185; surpassing this resistance could signal the start of a new uptrend. Technical indicators present a mixed picture, with the Relative Strength Index near neutral and the MACD turning positive, although prices remain below major moving averages.
The price of Stellar (XLM) is attempting to find stability within its primary support zone after months of decline. Analysts are now watching for signs of crucial resistance levels to confirm the formation of a market bottom.
At the time of writing, XLM is trading at $0.1641 with a 24-hour volume of $282.65 million according to CoinMarketCap. This represents a 24-hour gain of 3.93%, reflecting early signs of market stabilization.
Analyst More Crypto Online noted that the focus is on the price range of $0.142 to $0.161. The key price to watch is $0.185, which could act as a structural low if broken.
“If the price is able to surpass the $0.185 price mark, then it could be a sign of a recovery trend,” the analysis stated. A larger bottom would require XLM to develop a clear uptrend, potentially a five-wave formation.
Looking at technical indicators, the Relative Strength Index (RSI) is at 46.35, close to the neutral level. Prices remain below major moving averages, indicating the overall trend is still bearish.
On momentum, the MACD line shows slight improvement at 0.00171, above its signal line. The histogram is also positive at 0.00924, suggesting buyers are gaining some traction.
