Stellar (XLM) appears to be on the verge of a significant price increase, with experts predicting a potential 25% surge to reach the $0.58 level if the asset can break through the $0.463 resistance barrier. After a period of sideways trading, XLM is showing bullish patterns similar to Ripple (XRP), drawing attention from analysts who believe the cryptocurrency is primed for upward momentum.
One prominent crypto analyst recently highlighted an inverted head and shoulders pattern on XLM, suggesting that a breakout above the $0.50 mark could propel the price to $0.77. At the time of writing, XLM was trading at $0.4532, reflecting a 2% gain over the past 24 hours. This critical resistance level has been a significant hurdle for the asset, but increased trader and investor participation, evidenced by a 51% spike in 24-hour trading volume, indicates a potential breakout.
Technical analysis shows that XLM has formed a chart pattern similar to XRP, breaking out of a bullish flag-and-pole formation but struggling with an inverted head and shoulders pattern. Breaking above $0.463 could signal the end of XLM’s sideways trend and pave the way for a 25% rally to the $0.58 level in the near future.
On the technical front, XLM’s Relative Strength Index (RSI) sits at 60, suggesting further upside momentum if buying pressure persists. The asset is also at the upper boundary of the Bollinger Bands, indicating strong bullish pressure but potential resistance or a pullback. Traders are closely monitoring liquidation levels at $0.4461 and $0.4737, with over-leveraged positions indicating a bearish sentiment and anticipation of a price dip.
Overall, Stellar (XLM) is showing promising signs of a potential price surge, with key resistance levels and technical indicators pointing towards a bullish breakout. Traders and investors should keep a close eye on developments in the market to capitalize on potential opportunities for profit. The COVID-19 pandemic has brought unforeseen challenges to individuals, families, and communities worldwide. As governments and health organizations work tirelessly to contain the spread of the virus, many people are facing economic hardships, social isolation, and mental health struggles.
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