XLM Price Prediction: Stellar (XLM) Looks Ready for an Uptrend, Regular Bullish Divergence Signals on Intraday Charts
The Stellar Foundation-SDF, a non-profit with a focus on Stellar-based blockchain solutions recently announced an upgrade of the Stellar blockchain to Protocol version 18, a significant milestone for the Stellar ecosystem.
What’s New at Stellar (XLM)?
You may be wondering what makes this a big deal. Well, this upgrade makes it possible for Stellar holders and users to create liquidity pools without smart contracts and high gas fees, making Stellar the only layer-1 platform to activate such a native AMM [Automated Market Maker] functionality.
Let’s proceed to analyze the XLMBTC and XLMUSDT price charts and gain further insights into how the recent events may affect the current XLM price.
XLM Price Prediction: XLMBTC Weekly Chart
The XLMBTC chart shows high demand for BTC compared to XLM. However, we could see a switch in trend polarity with higher RSI values above level-75 and level-25 going forward into the week.
XLM Price Prediction: XLMUSDT Weekly Chart
Beginning with the weekly time frame overview of the XLMUSDT, the crypto pair fixes a price floor at 0.1988 after entering the oversold area on 21 June ’21, and slowly transition into an uptrend with the RSI climbing above level-75 on 09 August ’21.
A weekly price close above the recent bearish divergence resistance [0.4207] will confirm our decision to enter a long position with confidence into the XLMUSDT.Related articleShiba Inu Wallet That Turned $8K to $5 Billion is Active Again, Here’s How Much $SHIB Was Cashed Out
Conversely, a collapse of the 0.1988 support will suggest further bearish sentiment for the XLM against the USDT.
XLM Price Prediction: XLMUSDT Daily Chart
The daily chart overhead also reveals a resistance level set up by bearish divergence patterns on 16 October ’21.
There are obviously three scenarios from this point, with the first being a breakout above the crucial $0.4207 resistance. A second scenario would be that the price could trade within the $0.4207 and $0.3083 price range. The third scenario would be a breakdown of the 0.3081 support for a deeper correction of the current price recovery.
We, however, maintain a positive bias toward the XLMUSDT pair, following the first scenario for a breakout to the upside.
XLM Price Prediction: XLMUSDT 4 HR Chart
A view into the intraday 4HR chart reveals a possible price floor in the works, after a recent regular bullish divergence on 06 November and a breakout of bearish divergence resistance.
We could see a higher XLM price with a break above the 0.3987 resistance to confirm our bullish bias.Source