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Stellar Price Analysis: Why Bulls Must Hold $0.18 Support

 


Stellar (XLM) has enjoyed a period of recovery after coming off the cliff in early April. However, after peaking at around $0.24, XLM went through a serious correction. As a result, the coin is under severe downward pressure. Here are some takeaways:


Despite the recent sell-off, XLM still holds the crucial $0.18 support.


Any drop below $0.18 could start a crucial downtrend in the short term.


However, the coin looks strong and could continue to push higher.


Stellar (XLM) – The downside risks

The current downtrend we've seen on XLM is slowing down. Even though the coin has lost around 5% over the past 24 hours, there are many indications that no further decline is in sight. But the key for XLM bulls would be to ensure the price action stays well above $0.18.


This price has been proving to be a strong support zone for the past few weeks. However, if the bulls fail to hold it, we could see XLM embark on a prolonged downtrend. In the end, the coin could touch its March low of $0.16 before attempting to find bullish momentum.


But even with these downside risks, it's important to note that the upside potential for XLM is still very uncertain. As of now, $0.24 remains the upside ceiling. Even if the coin recovers in the coming days, it is unlikely to surpass USD 0.24 any time soon.


Is Stellar a Good Buy Today?

From a short-term perspective, it would be best to watch XLM until Monday afternoon and see if it manages to hold $0.18. In this case, you can hop on and hop off right before $0.24. But if the coin drops below $0.18, you need to give it about a week to bottom out in price before buying it.

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