- Stellar price appears on a recovery road after XLM lost 41% within six days.
- Price gained 2% within the previous 24 hours.
- Breaking past the demand zone at $0.1516 will trigger upside rallies for the token.
XLM price outlook presents a bullish signal today as the token sees upticks amid a steadily recovering crypto market. XLM gained over 2% within the last 24 hours, ending the downside spell that had it losing around 41% in six days.
The token crashed to 13-month lows on 12 May 2022, when traded at $0.1067. Nevertheless, a steady increase emerged, pushing the alt towards the $0.1516 demand zone. Success by buyers might trigger another bullish case for XLM, ensuring a 15% upswing to $0.171.
The overall crypto market presented brief recoveries over the past day, with the likes of Bitcoin bouncing back. Bitcoin climbed towards $30,000 and targeted further upside. Meanwhile, Ethereum remained around 42,00.
Cardano and Ripple encountered slight declines to $0.53 and $0.42, respectively, whereas Dogecoin declined to $0.089. Solana gained over 3% to $52.04, while Polkadot led the pack with its 8% uptick to $11.50.
Stellar Bulls Target $0.20
Stellar’s 24hr candle chart shows the alternative token embarking on uptrends as bullish price actions emerged today. Analysts believe the alt will explore the $0.15 highs before bulls contemplate further upswings towards the $0.20007 – March 2022 peak.
More activities from XLM bulls will push the crypto to encounter the resistance at $0.255 (February 2020 highs), and traders might profit-book at this value area.
Technical indicators appear to favor XLM’s upside stance. The daily Relative Strength Index stood at 36.22, suggesting a surging market valuation. Also, the previous 24 hours saw the trading volume dropping by more than 13%, highlighting holding trends amid current price actions.
The immediate target for Stellar price stands at the critical 50-dau EMA at $0.142, and meeting this barrier can unveil more activity within the market. Also, the MACD curve displays an optimistic case as it tries to produce a bulling divergence within the coming 48 hours.
While Stellar seemed prepared to explore the December 2021 peak at $0.302, bulls should defend the support barrier. Meanwhile, a move past the resistance of $0.6 might welcome another drop amid profit-booking, printing a support floor at $0.41.