Stellar's XLM Hits Short-Term Support, Eyes 9% Rebound
XLM's recent price drop has been attributed to the altcoin market's overall decline. However, Stellar's token has found support at $0.21, sparking a potential rebound of up to 9%. The short-term trend is looking bullish, with XLM making higher lows and higher highs since mid-September.
The rising channel pattern on price charts indicates an uptrend momentum that could extend to the range high of $0.25, representing a 14% upside from current levels. However, traders must first clear the recent price high of $0.23 and the mid-channel range for this target to be reached.
The Relative Strength Index (RSI) is above the neutral line, suggesting more room for an upside move. Additionally, whale activity has been observed in the altcoin's price recovery, which could further boost the bullish thesis.