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October 1, 2023
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XLM Price Analysis: Here Is Why You Should Prepare for More Pain in Stellar Lumens Before Imminent Rebound

The post XLM Price Analysis: Here Is Why You Should Prepare for More Pain in Stellar Lumens Before Imminent Rebound appeared first on Coinpedia Fintech News

  • The Stellar Lumens (XLM) currently lack the momentum to guarantee a push towards ATH. 
  • Cheeky Crypto’s Nick thinks the zone between $0.057 and $0.07 is an important support zone to watch for a rebound.

Stellar Lumens (XLM), a vibrant cross-border blockchain payment project tapped by key institutional investors, closed last week on a bearish outlook, thus widening fears of future capitulation. Despite its crucial support from major DeFi institutional investors, like Circle USDC and BlackRock, – Stellar XLM price has lacked the bullish catalyst to sustain the YTD upward trajectory.

According to the latest crypto market data from Tradingview and Coingecko, Stellar XLM traded around $0.1188 during the early New York session on Monday, up approximately 2.13 percent in the past 24 hours.

Stellar XLM Price Action

According to Nick, a popular digital asset analyst with Cheeky Crypto, Stellar (XLM) could continue pushing lower in the coming weeks after the instrument failed to hold on to the bullish momentum that was secured after the Ripple summary judgment ruling in early July. However, the crypto analyst expects XLM price to push higher on the daily time frame before continuing with the bearish sentiment towards new bear market lows.

Precisely, the crypto analyst expects XLM price to retest the 50 daily moving average before falling below the 200 DMA in the coming weeks.

From the weekly perspective, the crypto analyst highlighted that the bear market narrative stands in the XLM price action. In this regard, Nick expects the XLM price to find a significant support zone between $0.057 and $0.07.

In the long haul, the crypto analyst is convinced XLM price will rally towards $4, depending on the demand and supply ratio.

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