Stellar [XLM] Snaps 8Month Slide: Will Buyers Push Past $0.34 Next?

Stellar [XLM] Snaps 8Month Slide: Will Buyers Push Past $0.34 Next?

Stellar (XLM) has finally broken its prolonged downtrend, marking a potential shift in market sentiment. After eight months of declining prices, XLM is showing signs of recovery, with traders now eyeing the critical $0.34 resistance level.

Key Highlights:

1. Breaking the Downtrend
   XLM had been in a consistent downtrend since early 2023, struggling to regain bullish momentum.
   Recent price action suggests a reversal, with XLM breaking above key resistance levels.

2. Current Price Action
   XLM is currently trading around $0.30–$0.32, up from its recent lows near $0.25.
   The next major resistance sits at $0.34, a level that could determine whether the rally continues.

3. Technical Indicators Favor Bulls
   Relative Strength Index (RSI): Moving above 50, indicating growing buying pressure.
   Moving Averages: The 50day MA is crossing above the 200day MA (Golden Cross), a bullish signal.
   Volume: Increasing trading volume supports the breakout.

4. Market Sentiment & Catalysts
   Stellar Development Foundation (SDF) Updates: Recent partnerships and network upgrades may be driving interest.
   Broader Crypto Market Recovery: Bitcoin (BTC) and Ethereum (ETH) breaking key levels have improved altcoin sentiment.

5. What’s Next?
   If XLM holds above $0.30, a push toward $0.34 is likely.
   A breakout above $0.34 could open the door for a rally toward $0.40–$0.45.
   However, failure to hold support near $0.28–$0.30 could lead to a retest of lower levels.

   Conclusion
   Stellar (XLM) has shown resilience after months of decline, and the technical setup suggests further upside potential. If buyers maintain momentum, a breakout above $0.34 could signal the start of a stronger recovery phase.

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