Stellar (XLM) is testing a key technical resistance level near $0.163, according to CoinMarketCap data, signaling a potential breakout from a descending chart pattern. Crypto analyst Jonathan Carter notes that a confirmed breakout could target price levels up to $0.430, while derivative data shows declining market participation and bearish sentiment.
Stellar (XLM) is attempting a breakout from a descending channel as it tests resistance near $0.163. Analyst Jonathan Carter stated that price targets upon a successful breakout could reach approximately $0.200, $0.255, $0.310, $0.380, and $0.430.
Technical indicators show the price remains below key moving averages, indicating bearish pressure. The Relative Strength Index (RSI) hovers near 48, while the Moving Average Convergence Divergence (MACD) shows early signs of a bullish crossover, according to a TradingView chart.
Derivatives data from CoinGlass indicates open interest decreased by 2.95%, suggesting reduced trading activity. Funding rates are marginally negative, reflecting continued bearish sentiment in the market.
A liquidation heatmap shows high concentrations of potential liquidations at $0.17 and $0.175. Immediate resistance is at the channel’s top near $0.17, with key support levels located near $0.15 and at the channel’s base.
