Stellar Lumens: How high can bullish rebound go?

Source: XLM/USDT on Trading View

The sharp rise of the Relative Strength Index from the neutral 50 mark showed the influx of new demand for XLM. This was also echoed by the On Balance Volume registering a decent uptick in trading volume. Together, they highlighted strong buying pressure and rising volume flow. Placing the Fibonacci retracement tool between the recent swing low and high revealed the bullish intent. It showed that the bearish retracement waned close to the 73.6% Fib level allowing bulls the opportunity to rally.

As of press time, XLM traded at $0.160, just above the 38.2% Fib level . Near-term bulls could gain leverage with prices close above the 38.2% Fib level . Such a move could lead to profit targets at the 23.6% Fib level and the resistance level at $0.180. Alternatively, a close below the 38.2% Fib could usher sellers back into the market with short-term targets at the 50% Fib level and 61.8% Fib level .

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