Stellar (XLM) Price Makes Bullish U-Turn With 8% Uptick: Details

Stellar (XLM) has seen a price rebound, registering an 8% uptick over the last 24 hours as the market sees renewed interest. This price movement marks a rebound from recent declines, with eyes on where XLM will trend next.

The majority of digital assets are in the green in the early Wednesday trading session as the market anticipates the Federal Reserve’s interest rate decision, which is slated for 2:00 p.m. ET, and traders are pricing in a 99% chance that the Fed will keep interest rates unchanged in a range.

After falling over the weekend, Stellar (XLM) reversed course and rebounded from lows of $0.262 on Monday.

The rebound continued in Wednesday’s session, with XLM reaching highs of $0.29. At the time of writing, XLM was up 6.39% in the last 24 hours to $0.285 and up 12% weekly.

With XLM showing signs of strength, traders are closely watching key resistance and support levels to gauge its next move. If bullish momentum persists, XLM could target higher price levels in the coming days.

Potential scenarios

XLM’s recent rebound brought it back above the daily SMA 200 at $0.27; eyes will be on how Stellar sustains above this key support. The $0.294 level will be of special interest; if Stellar rises over this level, it will be able to challenge the daily SMA 50 at $0.315, which bears are expected to defend strongly. If this is successful, XLM may aim for $0.514 and $0.60 next.

One possibility is that XLM may remain in consolidation between its daily moving averages of 50 and 200, which are $0.315 and $0.27, respectively.

A bullish pattern on Stellar’s XLM three-day chart suggests that the cryptocurrency might be poised for a major move in the days ahead.

According to Ali, a cryptocurrency analyst, a bullish flag pattern is forming on XLM’s three-day chart. Holding above $0.24 keeps this bullish scenario alive, with Ali’s analysis suggesting a target of $1.60 if this pattern is validated.

However, investors remain cautious, keeping an eye on overall market trends and macroeconomic factors that may influence short-term price movement.

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