Stellar (XLM) is displaying strong reversal patterns across lower timeframes. On the 1-hour chart, a falling wedge breakout signals a shift from bearish to bullish momentum. A double bottom pattern has also formed on the 30-minute timeframe between $0.2089 and $0.22, with a clear neckline breakout. Furthermore, the 15-minute chart shows a bullish engulfing candle, reinforcing the potential for short-term upside.
Technical indicators support the pattern-driven optimism. Bollinger Bands show widening volatility as the price climbs from the lower band toward the midline. A bullish MACD crossover has occurred on both the 1-hour and 4-hour charts, with the histogram building upward. RSI is recovering from oversold levels and is approaching neutral territory, confirming growing buyer interest without being overextended.
Support is firmly established at $0.2200 and $0.2089. On the upside, resistance is seen at $0.2370 and then at $0.2650, which aligns with the upper Bollinger Band on higher timeframes. A strong push above $0.2370 would likely lead to further gains, with $0.25 and $0.2650 as immediate targets.
While indicators and patterns lean bullish, caution is warranted due to low volume and the early stage of the MACD crossover. A rejection at $0.2370 could lead to a pullback to $0.22 or even $0.2089. Traders should wait for confirmation of the breakout before fully committing to a bullish bias.
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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