Stellar (XLM) is drawing renewed attention as its price structure appears to mirror the classic 2017 setup. According to the crypto analyst CW, after repeatedly testing a key lower support zone, the asset is consolidating sideways while still printing green candlesticks.
CW says this reflects weakening selling pressure and a potential buildup of bullish momentum near a historically important support area.
Source: CW’s X Post
The traders believe that the tightening consolidation may lead to a sharp volatility expansion if the resistance is broken. The pattern has been compared to other breakout cycles, which led to sharp upside movements in the past.
The positive projections indicate that the breakout could lead to a sharp move in the price of XLM, going as high as $5 or more, depending on the general conditions in the crypto market.
Also Read: Stellar (XLM) Breaks Long-Term Downtrend: Momentum Signals Rally to $0.27
Momentum Indicators Point to a Recovery Phase
According to TradingView, XLM is indicating a volatile recovery phase after dipping to $0.155 in the late March slump.
Since then, the price has been rising steadily and is currently at $0.17241. The price is rising steadily, and the asset has managed to rise above the ribbons after the consolidation.
Source: TradingView
Indicators are showing an increase in bullish power. The Relative Strength Index is at 57.77, giving plenty of room before entering the overbought region. At the same time, the price is being supported by the moving averages, ranging from $0.168 to $0.170.
If the momentum is sustained, the next big target is the $0.180 resistance, while the 200-period SMA provides support.
Stellar Integration on Bitpanda Boosts Crypto Trading
Apart from this positive price movement, the European crypto trading platform, Bitpanda Global, has incorporated the Stellar Network on Tuesday, March 31.
This allows users to trade and interact with assets on the Stellar Network, such as XLM, thereby enhancing and supporting the platform and also providing a cheaper and more efficient way for investors to trade.
The integration also emphasizes Stellar’s ability to facilitate international transactions and crypto usability in the real world.
Being fast and having lower fees, Stellar helps facilitate value transfer from one currency to another, and through its use of XLM, transactions are much smoother for users.
This integration by Bitpanda also points to a growing need for a scalable blockchain solution, especially one with a focus on usability and applicability.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Stellar (XLM) Tests Resistance as Breakout Setup Targets $0.43
