Ali, a crypto analyst, shared an important update about Stellar (XLM). According to Ali, “Stellar $XLM could be gearing up for a bounce
Crypto analyst Ali has shared an important update about Stellar (XLM). According to Ali, “Stellar $XLM could be gearing up for a bounce, as the TD Sequential indicator flashes a buy signal on the hourly chart. One to watch closely!”
Stellar Set For Bounce Vs Tether As TD Counts Provide Key Buy Signal
The hourly candlestick chart for Stellar against Tether is showing some interesting developments. At the time of writing, XLM was trading at approximately $0.27818, showing a 1.13% increase from the previous candle.
One technical indicator that stands out is the TD Sequential indicator, which has displayed a red 9 on the chart. This indicator is known for highlighting potential trend exhaustion and reversal points.
Typically, when we see a 9-count like this, it often suggests that a downward trend may be losing momentum, and we could see a bounce or reversal soon.
Chart: TradingView
Considering the candlestick patterns, the recent trend has been clearly bearish with an ongoing series of black candles. However, the most recent activity shows signs of a potential reversal. We can see a large black candle, likely representing a final push downward, followed by a white bullish candle that suggests buyers are stepping in.
For traders focusing on support and resistance levels, the recent low point around $0.2739 could serve as an immediate area of interest on the lower side. On the upper side, the next resistance levels to watch are closely at $0.2800 and above that, around $0.2830-0.2850 based on previous price action.
Daily Chart Provides Broader Context
Zooming out to examine the daily chart, we can see XLM is in an even more interesting position. There’s a clear descending trendline connecting lower highs since the November 2024 top, when XLM reached around $0.63. This trendline has acted as resistance multiple times.
At the same time, there’s a strong horizontal support zone between approximately $0.26 and $0.275, which has been tested several times since January. Currently, the price is attempting to form a base, trading just above this support area at around $0.277.
This situation shows that XLM is consolidating within a tightening range. It’s being pressured from above by the descending trendline while being supported from below by the horizontal demand zone. In case the price turns strongly bullish, the major price target would be the descending trendline.
Read Also: Can Ripple Really Overtake Ethereum? Analyst Shares Insight On XRP Path To $100
However, traders should be aware that a breakdown below $0.26 would invalidate this support and could lead to a bearish scenario. If the price fails to bounce and breaks down from the support zone, we might see a sharp drop, possibly toward $0.24 or lower, which is the next untested support from November 2024.
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