Bittime - Stellar (XLM) recently broke out of a long-term descending wedge pattern, signaling a bullish trend reversal.
After hitting a new yearly peak near $0.70 in a sharp price surge, XLM price is now entering a consolidation phase around a key horizontal level, indicating the possibility of further recovery or a deeper correction.
XLM Price Analysis End of 2024
Stellar (XLM) just broke out from a long-standing descending wedge pattern, signaling a bullish reversal.
This breakout was supported by strong momentum, which led to a massive rally to almost $0.70 (around Rp. 11,145).
The impulsive wave structure shows that wave (v) has completed, followed by a corrective phase.
XLM Price Analysis | Source: TradingView/@Nikola Lazic
XLM Price Consolidation Phase
After reaching its peak, XLM experienced a retracement and tested the breakout zone as a support level, currently consolidating around $0.42 (around Rp. 6,694).
On December 9, the price fell to a low of $0.35 (around Rp. 5,580), but quickly recovered, closing the day at $0.41 (around Rp. 6,530).
This also happened the following day, indicating that the price had faced buying pressure.
Stellar Lumens (XLM) RSI Analysis
The Relative Strength Index (RSI) indicator shows a cooling phase, which suggests the potential for further consolidation before a more decisive move.
The current price movement indicates a possible continuation of the increase if the key support level can be maintained, with targets at the resistance levels of $0.55 (around Rp. 8,775) and $0.70 (around Rp. 11,145).
However, if it fails to maintain support, the price could experience a deeper retracement towards $0.35 (around Rp5,580) or $0.30 (around Rp4,785), which would test the resilience of the bullish structure.
Things to Look for in XLM Price
- Breakout Confirmation : XLM broke out of a long-term wedge, peaking at $0.70.
- Support Zone : Immediate support at $0.42 (around Rp. 6,694) and deeper at $0.35 (around Rp. 5,580).
- RSI Cooling Down : Momentum has subsided, indicating potential consolidation or correction.
Also read Is XLM Good for Long Term Hold?
XLM Price Prediction End of 2024
The hourly chart shows that XLM is currently in a corrective phase after an impulsive rally to $0.64 (around Rp. 10,195).
XLM Price Prediction | Source: TradingView/@Nikola Lazic
A descending triangle pattern has formed, indicating consolidation. The corrective structure shows a clear ABC formation, with wave (c) recently reaching $0.36 (around Rp. 5,740).
The RSI shows momentum recovery from oversold levels after the price rebounded to $0.44 (around Rp. 7,020) on December 10.
The price is currently hovering around the $0.42 support zone (around Rp. 6,694), indicating an initial attempt to break out of the descending triangle.
However, resistance around $0.47, which coincides with the upper boundary of the triangle, limits bullish progress.
A firm move above this level is needed to confirm the continuation of the uptrend.
The risk of further downside remains if the $0.42 level fails to hold, with the next key support around $0.38.
Conversely, if the bullish momentum strengthens, XLM could target the resistance zone at $0.55 (around Rp. 8,775) and potentially revisit the previous peak.
Also read XRP vs XLM: Fundamental and Technical Comparison
Key XRP Price Levels to Watch
Level Resistance:
- $0.47 (Rp7,490) : Triangle boundary and immediate resistance.
- $0.55 (Rp8,775) : Potential breakout target if bullish movement materializes.
- $0.70 (Rp11,145) : Previous peak and significant psychological resistance.
Level Support:
- $0.42 (Rp6,694) : Immediate support in a descending triangle.
- $0.38 (Rp6,065): Next key support in case of breakdown.
- $0.35 (Rp5,580) : Deeper support in line with previous consolidation levels.
Also read How to Buy Stellar (XLM)
Conclusion
With this analysis, investors can better understand the XLM price dynamics and make more informed decisions in their trading.
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Reference
Nikola Lazic, Stellar (XLM) Price Climbs 15% — Signs of Strong Support Emerging, Accessed December, 12 2024
Author: IN
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