Stellar’s (XLM’s) purpose is to allow for fast and affordable international payments using its blockchain network.
XLM seems to be stuck at the $0.16 level for now, but if it breaks through the key resistance area, it could have a good chance at reaching the next major target of $0.18 by around the end of March. At press time, the coin is trading at $0.1671 with an increase of 10.65% over the past 24 hours.
Chart Signals Consolidation
The TradingView chart indicates that Stellar’s price has been consistently under both the 50-day and 200-day moving averages, showing 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, where many buyers appear to be building up. 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, which corresponds to the current projected price level of $0.18 for March.
Also Read: Stellar (XLM) Pullback Deepens: Will the Channel Setup Target $0.570?
Analyst Highlights Key Breakout Levels
The analyst called attention to various breakout points on the charts for XLM. According to the analyst, Ali Charts, Stellar is down today on overall trend weakness, but if price breaks out above resistance levels and shows enough momentum, it may be able to test $0.18 before the end of March.
Right now price is finding support at .148 and if a push above .166 were to happen, the upward momentum could provide enough strength for the price to move closer toward $0.18.
Overall, the conclusion from these two analysts is that there will come a point (XLM = $0.18) when, if you are keeping tabs on these types of trades looking for breakouts is very important, and that a sustained breakout will provide strength in price in March.
Also Read: Stellar (XLM) Stabilizes Near $0.152 as $0.166 Resistance Becomes Critical Breakout Level
