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STELLAR PRICE ANALYSIS & PREDICTION (July 12) – XLM Advances Bullishly Despite Slight Pause in Buying, Adds Another 30% Daily Gain
While the crypto market experienced a slight pause in buying pressure today, Stellar’s price has defied all odds and continued to soar, adding yet another 30% daily gain. This comes as a surprise, considering the trend of many altcoins pausing their upward momentum.
It is essential to note that this month started relatively calm for XLM after undergoing a major retracement for straight five weeks. However, things took an unexpected turn when the price began to increase at the start of the week. Despite a brief break in bullish momentum as Bitcoin reached a new all-time high on Thursday, Stellar refused to back down and has instead continued to rally, even reaching a new multi-week high today.
Despite experiencing two rejections on its way up, XLM is slowly approaching a crucial monthly resistance level, where a major surge is likely to take place. If the price manages to break through this barrier, it will set the stage for a significant upward movement in the short term.
From a technical standpoint, bears are currently off the market as demand continues to outweigh supply. An increase in supply could potentially lure the bears back into the market; however, for now, there is no indication of a drop. With its price mirroring XRP’s movements over the past few days, Stellar has turned bullish once more and signals a trend shift with a double-bottom formation on the daily chart.
As we approach the $0.444 resistance level, we can anticipate a surge to the $0.51 level, followed by the $0.647 level in the future. A strong rejection under the mentioned resistance level could trigger a pullback to the $0.334 level before resuming the rally. Lower pullback levels to watch are $0.285 and $0.25. In the event of a dip, it is essential to note that holding the monthly $0.217 low as support, $0.15 is the next level to Watch.
Key Resistance Levels: $0.444, $0.51, $0.647
Key Support Levels: $0.334, $0.285, $0.25
Source: nulltx.com
