XLM's Recovery: Bulls Eye $0.360 as Resistance

Stellar (XLM) is currently in a recovery phase, with a moderate trading volume of 26.85M indicating mixed investor sentiment within the Stellar community. Despite this, significant resistance at $0.360 continues to present a challenge for traders. Analysts at COINOTAG suggest that an impending bullish phase could be on the horizon if buying pressure intensifies, as indicated by the MACD crossover.

Over the past week, XLM has exhibited a varied performance, oscillating between $0.320 and $0.360. This price action comes after a brief downtrend, hinting at a potential rebound. The current trading price, at $0.344, indicates a cautious optimism among traders, particularly as numerous factors, including the broader crypto market conditions and Bitcoin’s performance, hold significant sway over XLM’s trajectory.

Recent technical indicators reveal a cautious outlook for XLM. The formation of a bearish crossover between the 50-day and 200-day Moving Averages has caused traders to proceed with caution. Nevertheless, should XLM reclaim the 50-day MA level at $0.354, this could signify a break from its recent downtrend, potentially leading to increased bullish sentiment.

The current RSI stands at 51.12, reflecting a neutral market state, while conditions above 60 could confirm a more robust bullish trend. Additionally, the MACD appears to be on the verge of a bullish crossover, bolstered by green histogram bars, suggesting that buyers might drive XLM higher in the near future.

Furthermore, Bollinger Bands indicate an uptick in volatility. As the price approaches the 20-day SMA of $0.336, a breach above the upper band at $0.360 could trigger a significant upward movement. Key Fibonacci retracement levels provide critical support and resistance clearances, with the 23.6% level at $0.341 and the 61.8% retracement at $0.301 marking vital zones to observe.

A successful jump above the $0.360 threshold could open pathways toward the $0.380 to $0.400 level. Should XLM break above this significant resistance level, the next targets for traders may include the