While buying pressure slowed down across the crypto space since yesterday, XLM defied odds and continued to explode daily. It has seen a slight rejection today, but remains highly bullish on the day. This month started relatively calm for XLM after undergoing a major retracement for straight five weeks. But things later turned out positive as the price began to increase at the start of the week. Although few altcoins have taken a brief break in bullish as Bitcoin tapped a new all-time high on Thursday. Instead, it continues to gain traction and even exploded to a new multi-week high today. Facing twice rejections on the way up, it slowly approaches a key monthly resistance level, where a major rally is likely to take place. A clear break there should set the stage for a huge upward movement in the short term. Technically, the bears are currently off the market as demand outweighs supply. An increase in the supply level could lure the bears back in the market. But for now, there’s no sign of a drop. Having mirrored XRP’s price movement in the past few days, XLM is now looking super bullish again as it signals a trend shift with a double-bottom formation on the daily chart. XLM’s Key Levels to Watch Source: Tradingview Now that the price approaches 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 pull back to the $0.334 level before resuming the rally. Lower pullback levels to watch are $0.285 and $0.25. Holding the monthly $0.217 low as support, $0.15 is the next level to Watch in case of a dip. Key Resistance Levels: $0.444, $0.51, $0.647 Key Support Levels: $0.334, $0.285, $0.25 Spot Price: $0.4 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image(s): Shutterstock.com
