|

Stellar Price Forecast: XLM is on the verge of a 50% move

  • Stellar price is contained inside a symmetrical triangle pattern on the 12-hour chart.
  • The digital asset faces one key resistance level before a potential 48% breakout.
  • XLM could also plummet down to $0.19 if critical support fails to hold.

Stellar has been trading sideways for the past two weeks, trying to figure out its next major move. The digital asset is contained between two key levels, and it's on the verge of bursting.

Stellar price on the brink of a huge move

On the 12-hour chart, Stellar has established a symmetrical triangle pattern that is about to burst. There are two key levels to watch out for, $0.402, which coincides with the 100-SMA as the resistance, and $0.37 as the support trendline.  

xlm price

XLM/USD 12-hour chart

A breakout above the key resistance of $0.402 should drive Stellar price towards a high of $0.60 in the long-term, potentially pausing at $0.446 and $0.524. 

On the other way, a breakdown below the key support level of $0.37 will drive Stellar price down to $0.306 at the 200-SMA and as low as $0.193 if this level breaks. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.