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Ali Martinez, an analyst closely followed in the cryptocurrency markets for his technical analysis, shared a new assessment highlighting critical levels for Stellar ($XLM).
According to Martinez, the $XLM price has been moving within a distinct channel since February. During this period, each upward attempt has been rejected at the $0.179 level, followed by a pullback to the $0.147 support zone. The analyst argues that this pattern has formed a recurring price behavior for months.
Martinez noted that recent developments show $XLM is once again approaching the $0.179 resistance level, stating that this area has historically acted as a strong “sell” zone. However, he added that this level is about to be tested for the fourth time, and pointed out that in technical analysis, frequently tested resistance levels tend to weaken over time.
According to Martinez, the critical scenario for investors will be a daily close above this level. The analyst stated that a clear break above $0.179 could indicate that the selling pressure accumulated in this region has been exhausted.
Martinez stated that this situation could trigger a strong upward movement in the $XLM price, predicting that the first target after a possible breakout could be around $0.22, representing a rise of approximately 20 percent.
*This is not investment advice.