XLM Attempts to Break $0.45 Resistance Amid Strengthening Fundamentals
Stellar (XLM) is currently trading at $0.36 after four attempts since June to break the $0.45 resistance level, facing repeated rejections. Analysts suggest this could indicate "resistance fatigue," hinting at a potential shift in seller momentum.
Key developments include:
- The upcoming Protocol 23 upgrade.
- Increased adoption of real-world assets (RWA), valued at over $460 million.
Potential Price Movements for XLM
XLM has declined by approximately 9% in the past week. A close above $0.40 with strong volume may allow it to challenge the $0.45 mark, with $0.64 identified as the next major resistance. Conversely, failure to surpass these levels might result in a pullback towards $0.32, where previous buyer support exists.
Technical indicators show:
- A recent death cross on shorter timeframes suggests downside risk.
- Oversold conditions and historical September strength average a 3% monthly gain, indicating possible recovery.
The long-term outlook remains positive due to:
- Anticipated faster and more scalable transactions from Protocol 23.
- Increased institutional adoption through ISO 20022 compliance.
Market analysts believe that a successful breakout above $0.45 could initiate a broader upward trend, potentially bringing the $1 target within reach. Traders are monitoring support zones between $0.32 and $0.34 for accumulation and looking at $0.44 and $0.47 as upside targets.
