TL;DR
- XLM is holding below $0.50 with strong volume and a classic bullish reversal chart forming.
- Stellar now has 9.69 million active wallets, gaining 5,000–6,000 new addresses every day.
- The price targets after breakout sit at $0.60, $0.72, and $0.77, based on Fibonacci extensions.
XLM Builds Strong Base with Classic Chart Pattern
Stellar (XLM) was trading at $0.43 at press time, with a 5% drop in the last 24 hours. Over the past 7 days, it’s up by 2.5%. Trading volume has reached $668 million, showing steady interest despite short-term dips.
A recent chart posted by crypto analyst Ali Martinez shows an inverse head and shoulders forming on the daily timeframe. This structure has a left shoulder in January, a head around late April, and a right shoulder forming now in August.
Notably, the neckline sits near $0.50, a level that has drawn attention from traders waiting for a breakout.
XLM’s price is trading near $0.45, close to the 0.786 Fibonacci level. The $0.50 mark is acting as a key resistance. A strong move above this point could open the door for further upside.
Fibonacci extensions imply that the price may reach $0.60 (1.272), $0.72 (1.618), and $0.77 (1.786). These levels tend to be followed to determine price action following a breakout. Several traders are waiting to see whether the price can close above the neckline, targeting high volume.
On-Chain Activity Supports Growing Interest
Crypto analyst Steph Is Crypto reports that Stellar now has 9.69 million accounts, with 5,000–6,000 new addresses being added daily. This growth reflects steady adoption and increased usage of the network.
While price and chart setups are in focus, network activity often shows how much attention a project is getting. Rising wallet creation can reflect fresh demand, which may play a role in price movement over time.
Past Support Still Relevant
Last month, analyst Peter Brandt called Stellar one of the more promising charts. He notes that the price needs to stay above the April low, near $0.22, and eventually close above $1 to break out of the broader range.
Meanwhile, another voice in the market, @Xfinancebull, pointed out that XLM has already gained over 150% from its earlier lows. He claims this move was predictable based on chart signals and market sentiment at the time.
Now, with the price sitting just below $0.50, all eyes are on whether Stellar can clear this level and continue upward.
