- Stellar (XLM) is testing the critical $0.30 resistance, and a successful breakout could push prices toward $0.35 and $0.37.
- However, failure to flip this level into support may lead to a bearish rejection, sending XLM back to $0.273 or $0.256.
Stellar (XLM) is at a crucial turning point as bulls attempt to reclaim the $0.30 level as support. Despite a generally bearish market structure, technical indicators suggest that traders could see gains if key resistance levels are breached.
XLM Faces Resistance at $0.30 – Can Bulls Break Through?
Stellar’s price has been caught in a short-term range between $0.256 and $0.30. The 61.8% Fibonacci retracement level, which previously served as support, has now turned into a strong resistance zone. The recent 19% price bounce has brought XLM back to this key level, but a breakout remains uncertain.
On the daily chart, the Relative Strength Index (RSI) remains below 40, reflecting bearish momentum. However, the On-Balance Volume (OBV) has remained steady, signaling a lack of strong selling pressure. This suggests that Stellar could recover quickly if Bitcoin (BTC) reverses its recent losses.
Short-Term Outlook: Key Levels to Watch
The 4-hour chart shows a consolidation range between $0.256 and $0.30. Bulls are also facing additional resistance in the $0.303-$0.31 fair value gap. While the RSI is now above 50 and the OBV has broken past a local high, traders should still be cautious.
A break above $0.30 and a retest as support would indicate a potential move toward the $0.35 and $0.37 levels, where liquidation clusters exist. However, failure to break $0.30 could result in a rejection, sending XLM back toward $0.273 or $0.256.
Bearish or Bullish?
If XLM flips $0.30 into support, traders should anticipate further upside potential, possibly reaching $0.35 and $0.37. However, failure to clear resistance could lead to another downward move. With low trading volume and a cautious broader market, traders should remain vigilant and react to key breakouts or rejections.
