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As the market continues to improve with a new week, the altcoins are buzzing to reclaim higher levels. The XLM coin price showcases a similar bullish trend continuation as it retests the $0.119 mark and heads higher.
In resonance with market-wide recovery, the Stellar price prediction teases a positive end for 2023 for XLM.
With a 23% jump in the last 20 days, the XLM price trend gives multiple breakouts and showcases a strong bullish momentum. With a trendline breakout to an inverted head and shoulder breakout, the positive trend for Stellar continues.
Further, the rising trading volumes and the successful post-retest reversal from $0.119 add credibility to the ongoing bull run. However, the recent bullish candles display a long-wick formation and reflect a potential supply incoming.
As the XLM price approaches the 38.20% Fibonacci level, the long wick candles tease a potential reversal to $0.119. However, the high speed uptrend with the bullish market conditions teases a breakout rally.
Currently, the altcoin is trading at $0.1276 with an intraday jump of 1.64% but faces opposition from $0.129.
Technical pointers:
MACD indicator: The MACD and signal lines cross into the positive zone with a bullish alignment. Further, the histograms reflect a rise in trend momentum supporting the uptrend possibility.
EMA: The crucial 50-day takes off to maintain distance from the 200-day EMA and avoid a death cross event.
What’s Next For Stellar (XLM) Price?
With an 80% year-to-date growth in 2023, the XLM price gains momentum with the SEC Vs. XRP coming to a potential conclusion this Monday. Moreover, the improving market conditions and the inverted head and shoulder breakout rally can shortly push XLM market value above $0.13.
If the Stellar price trend sustains breakout momentum, the bull run can cross the $0.1426 mark, accounting for a 15% jump. On the opposite end, a reversal from $0.129 can retest the $0.1092 mark.