Stellar (XLM) Retesting Key Breakout – Is a Bounce Back Ahead?
By: coinsprobe|2025/05/15 15:45:05
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Date: Thu, May 15, 2025 | 07:15 AM GMTThe cryptocurrency market has shown strong upside strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 56% over the past month and is now trading near the $2,550 mark — its highest level in months. This resurgence is also lifting sentiment across major altcoins, including Stellar (XLM).XLM is currently showing monthly gains of over 24%, but with today’s drop, a key breakout is being retested — hinting that another bounce back might be just around the corner.Source: CoinmarketcapRetesting Inverse Head and Shoulders BreakoutOn the daily chart, XLM has formed a clear inverse head and shoulders pattern — a classic bullish reversal signal. This pattern, often considered a sign of a bottoming market, suggests the potential for a major trend shift to the upside.As shown in the chart, the left shoulder formed near late March, the head in early April, and the right shoulder in early May. After a steady climb, XLM broke above the neckline resistance around $0.2970, which also aligned closely with the 100-day moving average — a critical technical barrier.Stellar (XLM) Daily Chart/Coinsprobe (Source: Tradingview)Following the breakout, XLM rallied to a high of $0.3346, but soon faced profit-taking pressure, causing a pullback of over 10%. The price has now returned to the breakout zone around $0.29–$0.30, where a retest of the neckline is underway.What’s Next for XLM?This current retest is a crucial moment for Stellar. If buyers defend the neckline zone and volume picks up, XLM could see a renewed push toward the technical target of $0.3747, and possibly the psychological resistance at $0.40, representing a potential 34% upside from current levels.However, if the retest fails and price falls below $0.29, the next key support lies at the 100-day moving average around $0.284, and a deeper correction could follow.A successful bounce here would confirm the bullish reversal and could set the tone for a broader altcoin rally. But much depends on whether Ethereum — currently leading the pack — can maintain its upward momentum.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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