Stellar (XLM) shows light signs of recovery after a two -day decrease on the weekend. At the time of writing this report, XLM has increased by 1.01 % in the past 24 hours, as it is circulated at $ 0.27.
While XLM’s light bounce is a positive signal, its sustainability remains unconfirmed. Stellar has begun to decline since reaching its highest multiple levels of $ 0.638 in November 2024. Bulls tried to revive the upward trend in January this year, but achieved resistance at a price of $ 0.51, and the stars have since refused to trade under the daily SMA 50, now at $ 0.297.
March witnessed a faded trading with Stellar, with its prices closed in a range between SMA Daily SMA 50 and 200, currently at $ 0.297 and $ 0.28. Although XLM fell from the range in mid -March, the price returned to it quickly.
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Soon forward, encryption prices fell on Friday after a more hot inflationary report than expected; The stars likened to the same, as they reached $ 0.269 in the session. The decrease in XLM trading causes less than Daily SMA 200 again. The sale continued on Saturday with XLM to the lowest level of 0.261 dollars a little before the bounce.
Will you continue?
In the upcoming sessions, investors and analysts will look forward to knowing whether this price recovery is the beginning of a recovery or the dead cat in which the price is briefly recovered before heading.
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In the short term, market analysts expect that the encryption market will be largely affected by the factors of macroeconomic economics, given the absence of a encryption operator to pay price growth. However, the broader encryption market movements may play a role in determining the direction of XLM. Increased purchase in the market can enhance XLM prices.
Also, how the XLM price is close to the main support and resistance levels. In this context, the return above the Daily SMA 200 at $ 0.28 would return XLM to its previous range and prevent more declines. XLM can merge a little longer above here before making its main movement.
Daily SMA 50 remains at $ 0.297, a short -term obstacle, with $ 0.375 and $ 0.514 if breached.
