By Adeline Gibbs (Italy)
Briefly-
- Stellar bulls have one last round to complete a bullish triangle.
- As XLM appears squeezed at the $0.40 base, market participants may expect a swift 12% breakout.
- However, another 10% profits may follow after the alt takes a breather.
Stellar’s price movements appear to respect a bullish triangle. That comes as the alternative coin sees lower highs and price squeeze against the resistance area at $0.40 each time it encounters the level. As the momentum increases, the asset might see a quick upside breakout. That will see XLM pricing surging towards $0.46 within no time. Though some profit-booking might slow the momentum, market players can expect an extended rally, with possibilities of taking the alt to $0.51.
XLM Shows More Potential
As stated earlier, XLM has respected a bullish triangle formed since October. The altcoin seems ready for a false breakout. Meanwhile, buyers congested on 15 October, around the 55 Day Simple Moving Average.
Keep in mind that the $0.40 resistance has muted XLM’s price movements for some time. The altcoin’s false breakouts encountered bears’ reversals actions, defending the area since 5 June. However, the high lows plus the price squeeze at $0.40 shows a possible upswing in the upcoming sessions.
Also read:For now, XLM can witness increased bulls that will support a swift surge past $0.40. However, market participants should expect profit-booking to emerge at $0.46. From this level, the altcoin might retrace back to retest the support level at $0.40.
After that, XLM may bounce from the support due to new market entries, increasing buying volume. That will see the alternative coin moving up to $0.51. It may then cool at this level since $0.51 meets the monthly resistance and the 24 May record peak. From here, XLM might record price patterns resembling the previous actions, falling back towards testing support at $0.46 before retrying to break past $0.51.
However, if bulls fail to overpower $0.40, bears might push the alternative coin down or leave bulls to dip in a bullish trap before bears take the alt down. Breaking the green ascending line will take XLM lower towards $0.30, then $0.25.
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