Stellar price is one of the slower-moving currencies in the crypto space. The assets have been ranging between $0.08 and $0.11 since late June, while other crypto assets like Sui (SUI) and Bittensor (TAO) have been soaring. On the positive side, the slow-moving nature of XLM also means holders did not suffer extreme losses during the August 5 and September 6 crashes. Comparing the previous Bitcoin crashes this year, a crypto analyst has concluded that ‘Uptober’ is still in play. Can the price of XLM reclaim $0.15 before December?
Analyst: ‘Uptober’ Still In Play as Stellar Price Ranges
Crypto researcher Axel shared his analysis of the Bitcoin price drops in 2024 on X, concluding that the expected October gains are still within reach.
Over the past 6.5 months, the maximum average Bitcoin drop was 10%, except for August, when the price plunged by 22%. The current drop is 7%.
Just because Uptober started this way doesn’t mean it will end the same. pic.twitter.com/kWNb2svOUU
— Axel Adler Jr (@AxelAdlerJr) October 4, 2024
He noted that BTC price corrections has experienced an average correction of around 10% over the past six months, except in August when it fell by 22%. With Bitcoin down just 7% in October, Axel believes there is still a chance for a positive month in the crypto markets.
In a separate analysis, PlanB, creator of the stock-to-flow (S2F) model, highlighted the unusual nature of the current bull run, characterized by eight months of sideways Bitcoin price action movement.
He attributes this flat trend to large buyers waiting for the outcome of the U.S. elections in November, suggesting that a Republican victory could break the stagnation.
Meanwhile, the XLM price saw a 1.5% increase in the last 24 hours, trading at $0.0905. However, technical analysis shows that XLM is currently facing a directional uncertainty.
XLM Price Analysis: $0.15 In The Works If This Happens
XLM price chart shows an overall uptrend inside a parallel channel from early September to late September. However, a breakdown from the channel recently occurred, indicating a potential shift towards a short-term bearish trend with prices headed towards support zones.
On the other hand, the XLM long-term trend remains neutral to bullish, but confirmation will be needed based on how the price reacts at key support zones.
Key Support and Resistance Levels
$0.1050 – $0.1000 — This is a significant resistance zone after the price was rejected there. $0.0900 — This is the first support level. A breakdown from this level could trigger further downside. $0.0850 — This is a key demand zone; historically, the price bounced from this level in early September. $0.0800 – $0.0750 — If the price breaks the $0.0850 level, this zone could serve as the next support, as the downward arrow indicates.
The recent candles show a series of small-bodied candles with long wicks, suggesting indecision after the breakdown. This indicates a short-term consolidation phase but could be a precursor to further downward movement if no strong buying pressure exists. A break above the $0.1050 resistance could propel Stellar price to $0.15 easily.
XLM price chart
XLM price prediction shows that if the price fails to stay above $0.085, XLM may drop lower to the next support level, around $0.075. This may invalidate the current bullish thesis, setting up the crypto asset for even lower prices.
The post Stellar Price Prediction: Analyst Casts Hope On ‘Uptober’ Can XLM Reclaim $0.15? appeared first on CoinGape.
