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XLM Rebounds Strongly: Bullish Wedge Hints at 100%+ Upside Potential
- Stellar (XLM) has rebounded from the $0.22–$0.24 support zone and is currently trading near $0.2462, indicating bullish momentum.
- A descending wedge on the weekly chart suggests a potential breakout, supported by the 0.786 Fibonacci level.
- Potential upside targets for XLM include $0.4584, $0.5610, and $0.6719 if the bullish pattern persists.
- A weekly close below $0.20 would invalidate the bullish setup, while a move above $0.25 could confirm a trend reversal.
- XLM shows signs of a bullish trend reversal after a significant comeback from a key support level.
- The daily and weekly charts support the potential for a breakout scenario.
- The $0.22–$0.24 region, now acting as support, has sparked renewed interest among buyers.
- The current rally suggests a shift in control from bears to bulls.
- On the weekly chart, XLM is forming a bullish descending wedge close to the 0.786 Fibonacci level.
- Key resistance levels for XLM in a bullish scenario are $0.4584, $0.5610, and $0.6719.
- A weekly close below $0.20 could negate the positive outlook, while a breakout above $0.25 may signal a new uptrend.
- Despite the potential for downward movements, the technical setup for Stellar remains bullish.
- XLM's strong technical support makes it a cryptocurrency worth monitoring in the current market conditions.
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