- The daily structure was bullish and indicators showed more gains are likely.
- The brick wall of resistance could push Stellar Lumens bulls backward once more.
As a seasoned analyst with over two decades of market observation under my belt, I must admit that the current Stellar Lumens [XLM] situation has me intrigued. While the daily structure and indicators are indeed bullish, they’ve got me reminiscing about the dot-com bubble days – when every other coin seemed to be on a moonshot. However, as we all know, not every rising tide lifts all boats equally.
Stellar Lumens (XLM) found itself at a significant barrier for growth, having experienced a 8.2% surge over the last four days. This upward trend is not unique to XLM; numerous altcoins have also seen swift gains and surpassed their immediate resistance levels in the past fortnight.
Although this advance appeared optimistic, it hadn’t managed to surpass resistance levels dating back to August or even July. Notably, these points represent significant “lower highs” on the weekly chart, and this pattern applies to Stellar Lumens as well.
Stellar Lumens price prediction- cases for bearishness
In simple terms, Bitcoin (BTC) appears to be the main factor influencing market sentiment right now. It recently hit a peak of around $66,500, but has since started to drop over the past few days. It’s possible that XLM might follow a similar price trend in the near future.
Since August, the $0.103 barrier has been holding strong. For the third time since then, Stellar Lumens bulls have attempted to surpass it. If they fail to turn this level into support, swing traders might expect a reversal and a potential bearish trend.
The technical indicators point towards optimistic price forecasts. The On-Balance Volume (OBV) exceeded its local peak, potentially signaling an early indication of surpassing the $0.103 resistance level. Additionally, the Daily Relative Strength Index (RSI) shows strong upward momentum. However, it’s important to pay attention to the price action warning signs as well.
Rising anticipation for more gains
The Open Interest trends highlighted rising bullish expectations for Stellar Lumens. However, the OI was nowhere near the levels it reached in March and April.
Read Stellar Lumens’ [XLM] Price Prediction 2024-25
Considering all the elements, although there’s a general optimism about the market, the projected trend for Stellar Lumens seems to lean more towards a bearish outlook. It’s predicted that the price might dip back towards the mid-point around $0.955.
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2024-10-01 10:15