Losing all the potential gains, the Stellar coin fails to join the ongoing recovery party in the crypto market. With altcoins crossing crucial resistances to give a new 52-week high, the XLM price struggles to surpass the $0.135 mark.
The XLM coin price showcases a failed bullish attempt but sustains the short-term recovery with higher low formations. Nevertheless, despite the ongoing slump, the Stellar price prediction holds an optimistic view for 2023 for XLM.
Source: Tradingview
With a 7.47% dump this Monday, the XLM price trend fails to surpass the $0.135 mark, leading to a huge bearish engulfing candle. Reporting the failure of bulls to execute the inverted head and shoulder breakout, the daily chart pictures a pullback to a short-term support trendline.
With buyers struggling to bounce the Stellar price higher with lower price rejection, the bounceback reflects a luke response of bulls. With a 3.58% recovery, the morning star pattern completes at the ascending baseline.
However, the intraday fall of 0.58% briefly pauses the ongoing recovery and warns of another breakdown attempt from bears. Currently, the XLM price trades at $0.126 and forms a small bearish candle.
Further, the lack of trading volume supporting the moves on either side prolongs the consolidation or displays a lack of interest in investors.
Technical pointers:
MACD indicator: The MACD and signal lines merge due to the bearish start to this week, teasing a negative crossover. However, the recovery delayed the crossing event, but the lines remained merged. Therefore, the indicator remains indecisive, but the chances are greater on the bearish side.
RSI indicator: The daily RSI line bounces off from the halfway line but struggles to denote any significant rise in momentum. Further, the lack of divergences limits the usability of RSI.
What’s Next For Stellar (XLM) Price?
With a 79% year-to-date growth in 2023, the XLM price maintains the annual look quite bullish despite the ongoing consolidation. Moreover, the improving market conditions may sooner or later provide a launch pad for Stellar and may shortly push XLM market value above $0.135.
If the Stellar price trend sustains breakout momentum, the bull run can cross the $0.1426 mark, accounting for a 15% jump. Conversely, a reversal from $0.129 can retest the $0.1092 mark.
Read More: XLM Price Fails $0.135 Break As Investors Stay Silent On Stellar!