Stellar Price Analysis: Can Bulls Push XLM to $0.60?

Story Highlights

The Stellar price has plunged ~15% in 24 hours and retests $0.40.
Technical indicators record a mixed price sentiment, highlighting uncertainty this week.
Bullish reversal could push the price toward the $0.60 mark.

As the Bitcoin price drops over 6% today, the crypto market has recorded a liquidation of over $17 billion in 24 hours. Moreover, top altcoins have failed to hold above their important support levels with some tokens recording a double-digit drop.

Is the XLM price rally exhausted, or will this altcoin make a strong bullish reversal this week? You are minutes away from finding out the short-term price possibilities of the Stellar (XLM) crypto token.

Stellar Token Breaks Its Important Support Trendline!

Despite recording a drop of 13.92% with a 24-hour trading volume of $3.884 billion, the XLM coin price has soared 94.18% over the last 7 days and 372.84% this month. Moreover, it has a market capitalization of $13.30 billion and has secured the 14th position.

The Moving Average Convergence Divergence (MACD) shows a constant decline in the green histogram with its averages recording a potential bearish curve in the daily time frame. This suggests a negative outlook this week.

However, the Simple Moving Average (SMA) supports the Stellar price chart. This highlights a mixed price sentiment for the 14th largest crypto token in the market.

Will The XLM Price Rise Back Up?

If the bulls regain momentum, the Stellar price will retest its resistance level of $0.50. Maintaining the price at that level could set the stage for it to head toward its upper price target of $0.60 during the upcoming time.

On the flip side, a negative price action could pull the price toward its support level of $0.40. Furthermore, if the bearish sentiment intensifies, this could result in the XLM coin plunging toward its lower support level of $0.30.

Curious about the long-term prospects of the XLM token? Read our Stellar Price Prediction and also subscribe to us to explore the latest crypto-related news first!