9.9 C
Amsterdam
29 March 2024
PumpMoonshot
Image default
News

XLM Price Prediction: Stellar seeks 20% breakout if critical level cracks


  • The XLM price is contained inside a descending triangle pattern on the 12-hour chart.
  • The digital asset is on the verge of a 20% breakout towards $0.5. 
  • Failure to climb above the key resistance trend line will drive the XLM price down to $0.35.

XLM has been trading inside a tightening range since the beginning of March, and it is now ready for a breakout. There is only one key resistance level that separates Stellar from new highs at $0.5.

XLM price needs $0.42 for a significant breakout

On the 12-hour chart, XLM has established a descending triangle pattern with its resistance trend line formed at $0.42. The digital asset formed an uptrend on the 12-hour chart, which gives bulls the upper hand.

xlm price

XLM/USD 12-hour chart

A breakout above $0.42 should quickly drive the XLM price toward a high of $0.50, a 20% move calculated using the height of the pattern as a reference point. There will be practically no barriers above $0.42 for Stellar.

xlm price

XLM/USD 12-hour chart

On the other hand, a rejection from the upper boundary of the pattern will most likely push XLM down to the lower trend line at $0.356. Losing this key support level will drive Stellar toward a low of $0.28.

News Source

Related posts

Two ETH Whales Buy 106 Billion SHIB Amid Token Price Decline

PumpMoonshot

Privacy coins no more? CipherTrace files patents for tracing Monero transactions

PumpMoonshot

Ethereum Has One Obstacle to Fresh Highs, According to On-Chain Data

PumpMoonshot
Verified by MonsterInsights