- Stellar price prediction shows XLM managed to record the most significant one-day price appreciation since early January yesterday.
- A rumor doing rounds on social media currently hypothesizes that the Central Bank Digital Currency might be integrated on Stellar’s blockchain platform.
- XLM is currently facing a considerable near-term resistance due to the clashing of the Fibonacci levels.
In Mid-March, Stellar managed to close with a mallet pattern that created the perfect foundation for a price rally. By the end of March, XLM managed to surge upwards by 8 percent, and now it is up 20 percent.
Presently, Stellar’s rally has slowed down above the meeting point of the 0.79 retracement level at $0.55 and the 3.62 Fibo extensions at $0.55. Also, the Stellar network is currently undergoing a node blackout due to unknown reasons.
Stellar Price Prediction: General price overview
On checking Stellar’s price movement for March, the crypto coin traded on a limited daily price activity and a parallel channel on low volume. Stellar’s March price action was a typical case of price reduction before price expansion. Today, XLM is at a technical modulation end that might make the digital asset consolidate several days before showing signs of surging upwards. A significant price rally means Stellar should bypass the resistance levels outlined by the 3.6 extension level, the 0.77 retracement level, and the all-time milestone at $0.61.
If Stellar manages to bypass the resistance level, investors should be on the lookout for the $0.7 4.62 extension level. After this level will be the 1.5 extension level of February’s dip at $0.72, where a prediction of a possible 30 percent surge comes into the picture.
Stellar price movement in the past 24 hours
According to Stellar’s 24-hour chart, XLM is currently experiencing a spike in selling pressure, a factor that is threatening XLM’s current price rally. However, if Stellar fails to close below the $0.4 mark, it will trigger a selling spree that will kick start a bearish narrative.
In such a case, Stellar risks depreciating by 7 percent. However, if the digital asset manages to close above the $0.5 mark, it will open the door for a further price rally as there are no practical barriers above the $0.6 region.
Stellar 4-hour chart
Adding credence to the bullish narrative is the persistent low social volume Stellar is currently experiencing. From a counter-sentiment outlook, this can be regarded as a bullish sign. Usually, a sudden surge in price followed by an upsurge in social volumes tends to record cycle tops. Therefore, a low social volume creates an ideal scenario for a price uptrend in XLM price.
It is worth noting that no prediction is always 100 percent perfect. Therefore, XLM might fail to surge upwards and break down after facing resistance at the significant resistance level. Stellar’s crucial support is at the juncture of January’s high at $0.43 and the channel’s highs. Stellar also enjoys another layer of support at the junction of the 100-day SMA at the $0.35 mark and the channel’s lows. A further price dip below the channel’s low will make February’s lows converge at $0.31, with XLM’s 0.5 percent retracement level at $0.32.
Another story making headlines in the Stellar board is the ongoing outage of nodes for the Stellar Development Foundation (SDF). The impact of the blackout has led SDF to stop validating transactions on Stellar’s blockchain platform.
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