Key Takeaways
Stellar’s price has fallen nearly 30% so far in 2024. While the price started an upward movement in February, it was rejected by a long-term resistance in March and fell below another one in July.
However, XLM started a short-term recovery in August. Let’s examine the XLM price action and see if a breakout from the long-term resistance is likely.
Meridian is Stellar’s annual conference, featuring talks and panels discussing the technical and financial aspects of Stellar’s ecosystem. This year, some topics include Interoperability, Asset tokenization, and Crypto Regulation.
Notable keynote speakers from this year’s event include Charles Cascarilla, the Co-Founder and CEO of Paxos, and Timothy Draper, founder of Draper Associates.
Meridian is not to be confused with the Hack Meridian, a hackathon organized by Stellar between Oct. 12 and 13. Unlike the Meridian, which is a broader event, the hackathon mainly focuses on builders and encourages them to build on Stellar. It also offers prizes and mentorship to those who participate.
Meridian 2024 will be held on Oct. 15-17 . The 2023 event, held on Sept. 26-28, led to a 5% price spike, which could not be sustained.
Look at the XLM price action and see if a similar spike could occur.
The weekly time frame XLM chart shows that the price has fallen under a descending resistance trend line since July 2023. The trend line has caused numerous rejections (red icons), the most recent in March 2024.
Due to the rejections, XLM created long upper wicks, signs of selling pressure.
The XLM price decline culminated with a low of $0.075 in August, validating the long-term range low of $0.082.
Since then, XLM has traded inside the confines of its $0.082 – $0.108 range and under the resistance trend line.
Technical indicators do not confirm whether the price will break out or not.
While the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing, the former is below 50 while the latter is below 0. However, the MACD has made a bullish cross (black circle), making a breakout more likely.
If XLM breaks out, it will likely reach the next resistance at $0.14 and possibly the 2023 high of $0.195.
The wave count is more bullish than the weekly price action and indicator readings, implying that a breakout will occur.
The most likely XLM count shows an A-B-C correction that started in 2023.
If so, XLM completed wave B in August and has started wave C. The sub-wave count is black, showing that XLM has just started sub-wave three.
If wave C has the same length as wave A, XLM will reach a high of $0.203. A trend line breakout will confirm this is the correct count.
While the XLM price has struggled in 2024, it could soon reverse its fortunes with a breakout from its long-term trend line.
While the price action and indicator readings are inconclusive, the wave count gives a bullish XLM prediction, suggesting that a breakout is likely.
Read More: Stellar Price Prediction 2024: XLM Price Analysis