Stellar (XLM) has been at the center of attention for traders, with a recent analysis by Dark Defender (@DefendDark), a prominent crypto analyst, outlining crucial resistance, support levels, and potential price movements. Based on his insights and technical indicators, XLM appears poised for significant action soon.
Resistance and Targets
Dark Defender referenced his analysis from November 23, highlighting a pivotal resistance level at $0.6367. Recent updates show that XLM successfully bounced back from this level, reinforcing its importance as a barrier to further upward movement.
The analyst expects that once this resistance is decisively broken, XLM could aim for the $0.9203 Fibonacci level, marking the third wave in an Elliott Wave pattern. This could lead to a further rise toward the $2.3961 level, the target for the fifth wave.
At the time of his analysis, the digital asset traded around $0.43, consolidating within a bullish flag formation, a pattern often associated with continuation trends. Dark Defender noted that breaking $0.4344 and staying above it for at least 12 hours, can quickly push XLM above $0.6367.
This resistance remains the next critical hurdle for bullish momentum, and there’s a good chance XRP can surpass it, as ChatGPT recently predicted that the digital asset could hit $1 by the end of 2024.
XLM Expected Break in a Day or So! Short-Term Entering & Exiting Strategies:
Hi all. XLM was the second on our poll so that we will go for it!
We recently had an XLM analysis, and it was 100% accurate. Let's see how 100% was correct. Please check our last analysis on 23… pic.twitter.com/i9cIZLEAaV
— Dark Defender (@DefendDark) December 18, 2024
Support Levels and Entry Strategies
For those looking to capitalize on potential retracements, Dark Defender identifies key support levels at $0.40615 and $0.3565. These levels provide strong zones for traders to consider entry points if XLM fails to sustain its current levels or experiences a short-term pullback.
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The daily chart shows that price action squeezes, suggesting a decisive move is imminent. Per the analysis, this move could occur within a day, making this a critical juncture for XLM traders.
The analysis incorporates Fibonacci retracement and extension levels, which align with observed Elliott Wave structures. These indicators suggest that XLM’s bullish potential remains intact as long as critical support levels hold and resistance levels are breached. The bullish flag pattern on the daily chart further supports the upward movement in the near term.
XLM is trading at $0.3709 and has remained above the $0.3565 support level. This level provides an entry point for investors before the surge analysts predicted begins.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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