On August 2, XLM's price inched up after touching a key technical boundary that could determine its next move. The coin's slight recovery over the past day keeps hopes alive, but reclaiming a key resistance remains essential.
Currently, XLM trades around $0.1741, marking a 1.54% increase in 24 hours. Trading volume hit $143.38 million with the market cap steady at $5.96 billion, signaling sustained interest despite market fluctuations.
Crypto analyst Alpha Crypto Signal highlighted on August 1 that XLM is approaching a horizontal resistance zone, once a support level before recent drops. Breaking above this zone might restore XLM’s original trading range and signal renewed buying momentum.
If the breakout falters, the coin could linger within its current range until fresh buying pressure emerges.
Technical indicators show a cautious picture. The Relative Strength Index stands at 42.13, just under the neutral 50 mark, pointing to limited buying energy. Meanwhile, the MACD remains bearish, with its line below the signal line and no bullish crossover in sight yet.
Stellar’s outlook is closely tied to the broader crypto market climate, especially Bitcoin’s performance and investor sentiment, factors that heavily influence altcoins like XLM.
This content is informational and not financial advice.
