Stellar Price Prediction: Analyst Casts Hope On ‘Uptober’ Can XLM Reclaim $0.15?

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market ups and downs. The current state of Stellar (XLM) has been a bit of a rollercoaster ride for me, but I remain optimistic about its potential growth.

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 analyst Axel presented his findings on the Bitcoin price fluctuations in 2024 on platform X, suggesting that the projected October growth remains attainable.

For approximately the last six and a half months, I’ve been closely tracking the average Bitcoin price fluctuations. While there was a slight dip of around 10% on most occasions, the exception being August, where a significant plunge of 22% was observed. At present, the decline stands at roughly 7%.

Just because Uptober started this way doesn’t mean it will end the same.

— Axel Adler Jr (@AxelAdlerJr) October 4, 2024

Over the last six months, the average decrease in Bitcoin’s price has been approximately 10%, with the exception of August where it dropped by 22%. However, despite falling by only 7% in October, analyst Axel remains optimistic that we might see a positive trend continue in the crypto market this month.

Through a different evaluation, the inventor of the stock-to-flow (S2F) model, known as PlanB, pointed out that the ongoing Bitcoin price surge exhibits an uncommon trait – a stretch of approximately eight months where the Bitcoin price has been moving horizontally rather than rising or falling significantly.

Stellar Price Prediction: Analyst Casts Hope On ‘Uptober’ Can XLM Reclaim $0.15?

He believes the steady decline is due to major purchasers holding off until the results of the U.S. elections in November. This implies that a Republican win might shatter the current stalemate.

Over the past day, the price of XLM rose by 1.5%, now standing at $0.0905. Yet, technical assessments suggest that XLM’s current trend is somewhat unclear.

XLM Price Analysis: $0.15 In The Works If This Happens

The XLM price graph illustrates a generally upward trajectory within a parallel channel since early September until late September. Lately, there’s been a breakout from this channel, which suggests a possible transition to a temporary downtrend. This could mean the prices might be moving towards areas offering support.

Conversely, the long-term trajectory of XLM could lean toward neutral or bullish, yet we’ll need to observe its behavior near crucial support levels for validation.

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.

In simpler terms, the latest candles display several small candles with extended wicks, implying uncertainty following a price drop. This ambiguity might signal a temporary holding pattern, but if there’s no significant buying power, it could lead to more price decreases. However, if Stellar manages to break through the $0.1050 resistance level, it could quickly reach $0.15.

Stellar Price Prediction: Analyst Casts Hope On ‘Uptober’ Can XLM Reclaim $0.15?

If XLM‘s price doesn’t manage to remain above $0.085, it could slide down to approximately $0.075 – a potential new support level. Such a dip might challenge the existing optimistic outlook on XLM, possibly leading to further price decreases.

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2024-10-04 18:08