XLM Price Awaits Final Dip Before Breakout to $1

XLM price has experienced consolidation as the broader crypto market takes a breather. Most cryptocurrencies strengthened in August, before seeing a slight sell-off. Stellar (XLM) has struggled, with its price facing downward pressure. However, analysts predict the possibility of XLM breaking out to attain an upward trend towards the $1 level in case key support levels are maintained. Although the token shows signs of strength, it is expected that one more dip may occur before a substantial price surge takes place.

XLM Price Set for Final Dip Before Breakout

XLMcrypto price cryptocurrency seems to be preparing to break, yet it is not before retesting its levels as per the recent market analysis by Ali_charts. The XLM price is anticipated to dip once more before soaring above the $1 mark. This forecast is formulated on the technical chart patterns, indicating a final dip before heading towards a bullish breakout.

The price has already developed the left shoulder, and the head with the right shoulder in the process of developing. Traders expect that this last dip in the right shoulder is accompanied by the idea that one could get more of the cryptocurrency ahead of its breakout.

The support area is positioned at the level of $0.30, which the price will probably retest before surging upwards. The chart also indicates the resistance that XLM might face whilst rising towards its target in the $0.70 to $1 range.

XLM’s Social Dominance Drops 70% Since July 13

The crypto has lost 70% of its social dominance since July 13. According to recent data, social media activity and interest in XLM has drastically decreased.

A chart shared indicates a close contrast of the increase in the price of XLM and the decrease in social dominance. This is indicative of the fact that retail investors are abandoning the asset.

According to experts, this decrease in the sphere of social dominance is an indicator that there has been a loss of momentum, with fewer people interested in XLM in the social arena. This may signify more retail investors pulling out of the market.

Is XLM Price Ready for a Breakout?

The latest Stellar (XLM) price fluctuated around $0.3873, showing a slight decline of 0.46%. The cryptocurrency has had several price changes, although it has been trading around vital support levels. The recent price movement indicates that XLM has been moving in an expanding range, while it is important to note resistance and support levels in the future.

The Relative Strength Index (RSI) is at 38, which means the market is slightly going towards overbought status.

The Moving Average Convergence Divergence (MACD) indicator indicates a negative momentum, indicating that bears are currently on charge. The MACD line points downwards below the signal line as well, which further reinforced the direction of the market.

The initial resistance is at the level of $0.40. Provided that the price of XLM breaks through it upwards, there may be a chance of moving further to the next resistance level, which is $0.45. A negative implication of the failure to break the $0.40 level would be to re-test the support level at $0.35 level.