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28 October 2021
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XLM price has nowhere to go but up, as Stellar bulls anticipate 23% gains

  • XLM price is bouncing off the 70.5% Fibonacci retracement level at $0.267.
  • Reclaiming the $0.315 barrier will open the path for a 23% ascent to $0.342.
  • A breakdown of the $0.247 support floor will invalidate the bullish thesis.

XLM price (Stellar) sliced through crucial footholds as it collapsed on September 20. This downswing has pushed Stellar to a perfect launching platform.

XLM price looks primed for an upswing

XLM price dropped roughly 17% over the past 48 hours, slicing through two crucial barriers and retesting another. Currently, Stellar has bounced 4% after tagging the 70.5% Fibonacci retracement level at $0.267. Considering that the overall trend is bullish, the recent dip below the midpoint of the trading range suggests that XLM is at a deep discount after the $0.267 retest.

Therefore, investors can expect a resurgence of buyers leading to a bounce in Stellar price.

However, the uptrend will not be a cakewalk due to the presence of the 62% and 50% Fibonacci retracement levels at $0.287 and $0.315. Flipping these two levels into a support floor will indicate that the bulls mean business.

Such a move will open the path for a run-up to $0.342, constituting a 23% advance from the current position.

XLM/USDT 1-day chart

XLM/USDT 1-day chart

On the other hand, if XLM price fails to slice through the immediate barrier at $0.287, it will reveal weak buyers. A decisive close below $0.247 or the 79% Fibonacci retracement level will 

create a lower low, shifting the directional bias in favor of bears. 

This move could trigger further descent from panic sellers, pushing the Stellar price toward the range low at $0.198.

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