Connect with us
Active Currencies 14557
Market Cap $2,673,421,985,324.39
Bitcoin Share 49.88%
24h Market Cap Change $-1.28

Stellar flips 2023 price ceiling to support – What now?

2min Read

XLM consolidated July gains after flipping 2022/2023 price ceiling to support. Are more gains likely?

Stellar flips 2023 price ceiling to support - What now?

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XLM cracked the June 2022 – June 2023 price ceiling of $0.13.
  • Short positions were discouraged across all timeframes as of the time of writing.

Stellar Lumens [XLM] isn’t risking July gains as it consolidates above the previous 2022/2023 price ceiling. In mid-July, the altcoin cleared a key roadblock of $0.13, which constrained further upside between June 2022 and June 2023. 

Is your portfolio green? Check out the XLM Profit Calculator 

Stellar oscillated above the breakout level ($0.13) and $0.17 since mid-July. Despite Bitcoin’s [BTC] weak price action over the same period, XLM has fiercely defended the mid-July breakout level. 

The bulls defended $0.13

Source: XLM/USDT on TradingView

The Relative Strength Index reclaimed the 50-mark, reinforcing that buying pressure improved over the weekend. However, the Chaikin Money Flow struggled to cross the zero mark, underscoring the weak capital inflows in XLM markets. 

However, the range-low and weekly breaker block of $0.114 – $0.123 (cyan) has been defended, underscoring the area as a solid bullish zone. So, if BTC doesn’t record further losses, the bullish zone can be a discounted buying level, targeting overhead resistances. 

To the north, resistance levels are found at the range-high of $0.1725, $0.2, and the weekly bearish order block of $0.22 – $0.24 (red). 

A breach below the bullish zone will show an extreme weakening of the XLM market structure. To the south, the immediate support is $0.099. 

Short positions discouraged

Source: Coinglass (XLM liquidation data on 6 August)

According to Coinglass, XLM recorded massive liquidation of short positions. A whopping >$140k worth of short positions were liquidated in the 4-hour timeframe. Interestingly, long positions saw zero liquidations over the same period – a short-term bullish bias. 

How much are 1,10,100 XLMs worth today

XLM’s Open Interest rates also surged by >1.5%, according to Coinglass. Although it denotes a spike in demand over the futures market, the dip in volume could delay a strong rebound. 

So, the bullish zone $0.11 – $0.13 was a key interest price area for bulls, especially if BTC doesn’t record more losses in the next few hours/days. 


Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.