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- Crypto Tony predicted in an X post that Stellar (XLM) may begin to rally soon.
- In his post, the analyst revealed that XLM will need to flip $0.135 before it can breakout towards the upside.
- At press time, XLM was changing hands at $0.1234 following a 24-hour loss of 0.47%.
Crypto Tony, a popular cryptocurrency trader and analyst, predicted in an X post today that Stellar (XLM) could rally soon. In his post, the trader shared that he is keeping an eye on the $0.135 mark on XLM’s chart. More specifically, Crypto Tony is waiting for the altcoin’s price to flip this key level into support before he enters into a long position for XLM.
$XLM / $USD – Update Remember this one legends. I am waiting for that flip of 0.135c into support to enter .. Once XLM runs .. We know $XRP will be too pic.twitter.com/12nW0QNIGP— Crypto Tony (@CryptoTony__) November 12, 2023
The analyst also believes that once XLM begins to rally, the remittance token Ripple (XRP) will most likely follow suit. Meanwhile, data from the cryptocurrency price tracking website CoinMarketCap indicated that XLM was changing hands at $0.1234 at press time. This was after the altcoin suffered a slight 0.47% loss over the past 24 hours.
Along with the decrease in price, XLM recorded a 22.87% drop in its 24-hour trading volume. Consequently, the cryptocurrency’s total trading volume stood at $99,456,428.
Daily chart for XLM/USDT (Source: TradingView)
From a technical standpoint, XLM was at risk of breaking out of the positive price channel that it had traded in over the past few weeks. Should it drop below this channel in the next 24-48 hours, then it may continue to fall towards the key support level at $0.1170 through the course of the following few days.
Thereafter, continued sell pressure could lead to XLM’s price dropping to as low as $0.1015 in the short term. This bearish thesis may be invalidated if the altcoin closes today’s daily candle within the aforementioned price channel. In this more bullish scenario, XLM could rise to as high as the $0.1350 barrier highlighted in Crypto Tony’s post.
A daily candle close above $0.1350 could give XLM a solid foundation to continue its ascent. This could result in XLM climbing to $0.1470 in the next few days.
The post XLM Breaking Above $0.135 Could Lead to a Rally, Says Analyst appeared first on Coin Edition.