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Stellar recently announced a major partnership news, which has made the position of XLM quite interesting. The current price is stuck at $0.214006. Based on the RSI of 38.9, it still appears to be in a weak consolidation phase in the short term. However, once this positive news is realized, there is a good chance of a rebound.
From a technical perspective, the key levels are as follows: support at $0.205400; if it falls below this, it’s time to cut losses. Resistance is at $0.222600, which is the first hurdle for an upward move. The breakout point is at $0.219400; once it stabilizes above this level, there will definitely be more room for upward movement.
From a trading standpoint, the current strategy is as follows — I already hold a position and plan to add some around $0.214006. If it successfully breaks through $0.219400, I will continue to add to my position for a chase. But the stop-loss must be set at $0.205400; this is the bottom line. If it drops below this, I will exit immediately without hesitation.
First, watch the resistance at $0.222600. If it gets broken through, hold on and see how high it can push. Honestly, Stellar’s recent partnership is definitely a positive, but the market is always unpredictable, so risk management must be in place at all times. Don’t get too emotional.
Price snapshot: support at $0.205400, resistance at $0.222600, breakout point at $0.219400. What do you think about this situation?