Stellar (XLM) has experienced a robust resurgence, bouncing off a crucial support level at $0.11. Chart indicators are pointing towards a promising outlook for bullish investors, marking a significant shift in momentum since mid-August. This second rebound from the same support level underscores the formidable strength exhibited by bulls, hinting at the potential for further gains.
However, the bulls have displayed unwavering determination, as evidenced by the latest retest of the support on Sept. 4, which triggered a notable price pump.
The on-chain indicators are aligning with the bullish sentiment surrounding XLM. The Relative Strength Index (RSI) hovers around the neutral 50 mark, suggesting a healthy demand for XLM.
Additionally, the Chaikin Money Flow (CMF) stands at +0.10, indicating an influx of capital into XLM. This influx is typically a bullish sign, pointing towards the growing confidence among investors in the cryptocurrency.
While long positions are inching closer to the critical 50% flip point of the long/short ratio, sellers currently maintain the upper hand, exerting pressure on XLM’s upward trajectory.
With the $0.11 support level proving to be a formidable stronghold for bulls and chart indicators hinting at further gains, XLM enthusiasts are eyeing a target range of $0.17 to $0.19, aiming to revisit the highs last seen in July.
XLM has staged an impressive rebound, bolstered by strong support and positive chart indicators. While challenges persist in the form of bearish resistance in the long/short ratio, the bullish momentum remains intact, with investors setting their sights on recapturing the July highs. The cryptocurrency market continues to evolve, and XLM’s resurgence is a testament to its resilience in the face of market fluctuations.
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Featured image from Stellar
