XLM Price Prediction – Stellar is on the verge of a 25% breakout
XLM Price Prediction
XLM price showed a slowdown in bullish momentum after surging approximately 100% since February 1. Now, Stellar awaits for volatility to resume its uptrend.
XLM coin price hit a pause after reaching $0.60 on February 13. Since then, Stellar entered a consolidation period. It formed a series of lower highs while the horizontal support at $0.46 has rejected any downward pressure.
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By drawing a trendline around the swing highs and another at the underlying support, a descending triangle seems to form.
Video on XLM Price Prediction
Price Analysis
As the price moves closer to the triangle’s apex, the odds for a bullish impulse increase. If Stellar can slice through the $0.51 resistance, then the descending triangle forecasts a 25% upswing to $0.60.
The target is determined by measuring the distance between the pivot high at $0.60 and the horizontal support at $0.46 and adding it to the breakout point.
It is worth mentioning that there are instances where descending triangles form as reversal patterns during uptrends. Therefore, investors must pay close attention to the $0.46 support level.
If the Stellar coin (XLM) price manages to slice through this demand barrier, then a 25% pullback to $0.34 can be expected.
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