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STELLAR PRICE ANALYSIS & PREDICTION (January 4) – XLM Sustains Buy as Volatility Increases, Potential Breakup Ahead
XLM has been experiencing a notable surge since the start of the year and has recently bounced back on a daily scale. This upward movement is accompanied by an increase in volatility, which may potentially lead to a bigger price movement in the near future.
After concluding its correction phase at $0.32 earlier this week, XLM demonstrated strong buying pressure as it mounted support above that level and rebounded. Initially, the recovery was slow but picked up pace as the market kicked off the new year with a bullish sentiment. Over the past day alone, XLM has witnessed a remarkable 10% increase in value.
From a technical perspective, the bulls have regained control of the market, and we can anticipate a substantial price movement in the coming days. However, there is a slight risk that the $0.50 level may pose a challenge to this upward trajectory. A successful breakout above this barrier would be a strong validation of further growth on a daily scale.
Currently, there is no apparent reason for XLM’s price to drop anytime soon. Nevertheless, if bears were to reappear, we might see a minor pullback before resuming the upward trend. As it stands, however, the bulls appear to be in charge, and as such, significant growth can be expected in the days ahead.
XLM’s critical resistance levels to watch include $0.51 and $0.63, followed by $0.7 if the price continues to rise. If the asset experiences a downturn from its current trading level, it could potentially retest $0.414. In the worst-case scenario, the price may drop further to the previously established support levels of $0.32 and $0.27.
Key Resistance Levels: $0.51, $0.63, $0.7
Key Support Levels: $0.414, $0.32, $0.27
Spot Price: $0.449
Trend: Bullish
Volatility: High
Please note that the information provided does not constitute trading or investment advice. It is essential to conduct thorough research before engaging in any cryptocurrency-related transactions or investments.
Source: nulltx.com
