- XLM has its price flipping a critical hurdle and targets an upside to retest the $0.22 mark.
- Enthusiasts may expect the alt to gain strength beyond the 50% retracement zone at $0.18.
- A 4hr candle close under $0.16 will nullify the bullish narrative.
Stellar (XLM) has maintained consolidative actions for about two weeks, highlighting range constriction. Nevertheless, the latest accomplishments show the altcoin might experience a brief upside move.
XLM to Climb High
Stellar Lumens printed a range stretching between $0.16 and $0.20 from 24 February to 26 February. After that, the alternative coin has failed to explore the range low or range high, trading around the 50% retracement area.
The latest trials to rise to the range high lacked momentum, translating to a move beneath the range’s midpoint. Nevertheless, 16 March sessions saw XLM price producing a 4hr candle close beyond the territory, suggesting bulls’ intention to climb higher.
For now, crypto investors may expect Stellar price to rally towards the range peak around $0.20 and gather buy-stop liquidity above it. That move would comprise an 11% uptick from the midpoint, and XLM might stall after this run-up. Higher bulls’ aspirations might take the alt to $0.22, translating to 23%.
On the side, Stellar’s failure to maintain beyond the hurdle of $0.18 might off bears a chance to dominate. With that, the XLM might retrace towards the range low near $0.16. Buyers will have an opportunity to launch a comeback in this value area. However, a 4hr candle close under $0.16 will form a lower low, invalidating Stellar’s bullish thesis.
For now, XLM price seems prepared for an upward journey, contemplating a 23% upsurge after flipping a critical obstacle. The alt might accumulate additional strength beyond the 50% retracement zone at $0.18. Nevertheless, enthusiasts can forget about the optimistic case if XLM forms a 4hr candle close under $0.16.
Broad market sentiments are critical for XLM’s upcoming price trend. While publishing this article, XLM traded with a bullish attitude at $0.1823. Moreover, the alt reflects the overall improved mode in the global crypto space. The crypto market cap hovers at $1.75 trillion, following a 1.41% overnight gain.