XLM Price Prediction: Stellar rises above key level and aims for a quick jump to $0.50
|- XLM price had a breakout above a parallel channel formed on the 1-hour chart.
- The digital asset initially had a lot of bullish continuation but has dropped significantly.
- If the bulls can’t hold the previous resistance level, XLM price will quickly fall towards $0.45.
XLM price has been trading sideways for the past 24 hours and had a notable breakout in the past hour from $0.47 to $0.48. However, the digital asset slowed down and quickly dropped towards the previous resistance level.
XLM price can climb towards $0.50 if this level is defended
On the 1-hour chart, XLM price had a breakout from a parallel channel. However, it didn’t last long as Stellar dropped from $0.48 to $0.467. If the bulls can defend the previous resistance level at $0.47, they will aim for a target of $0.50.
XLM/USD 1-hour chart
XLM bulls seek a long-term price target of $0.70 as the digital asset had a clear breakout from an ascending triangle pattern on the 12-hour chart. The 70% target was calculated using the height of the pattern.
XLM/USD 12-hour chart
However, in the short-term XLM price can fall towards $0.446 if the key support level at $0.47 can’t be defended by the bulls. The lowest bearish price target would be $0.41 for a re-test of the previous resistance level on the 12-hour chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.