CandleFocus

Will XLM Pennant at $0.50 Prolong Its 3-Week Bull Run to $0.71?

The price of Stellar (XLM) has pulled back after seeing a surge of 609%, testing critical Fibonacci levels. The broader market is also experiencing a pullback, causing a slight pause in the altcoin rally. The weekly chart shows three massive bullish candles during the bull run, with the rally topping at a 175% increase. However, the higher price rejection has resulted in an 8.12% drop, losing the $0.50 mark. Currently, XLM is retesting the 61.80% Fibonacci level at $0.4666. On the shorter-term chart, a bullish pennant is forming, but constant rejection from the overhead resistance line is limiting growth. The RSI line shows no bullish divergence, indicating a possible retest of the 50% Fibonacci level at $0.3909. On the other hand, a continuation of the bullish trend could face resistance at $0.71.

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