Stellar (XLM) Price Surges 10% to $0.40, Faces Resistance
Stellar (XLM) price has surged 10% to $0.4011, with trading volume up 130%, but faces resistance at $0.4090. The Supertrend indicator shows bearish pressure, and the ADX stands at 18, indicating limited momentum. Despite this, historical data suggests October has been positive for XLM in 10 out of the last 12 years.
XLM recently broke out of a falling wedge pattern, sparking bullish calls for $0.50. However, several risks could disrupt its rally. These include increasing competition from new blockchain platforms and the potential failure to break key resistance levels, such as $0.38 or $0.45. The high available supply of XLM on exchanges may also cause short-term price fluctuations.
Analysts predict XLM could reach the $0.50-$0.56 range, with some forecasting a potential 60%-70% mid-term rally. Major liquidation levels for XLM are at $0.3809 (lower side) and $0.4129 (upper side).
While XLM's recent price surge and historical October performance are encouraging, the cryptocurrency faces resistance and several risks that could impact its rally. Traders should monitor key resistance levels and consider the potential impact of high supply on short-term prices as they navigate the Stellar market.
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