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Stellar poised for 15% upside as bullish crossover held

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  • XLM/USD is ready to test the key horizontal trend line resistance near $0.435.
  • Stellar price is advancing within an ascending triangle pattern on the daily chart.
  • RSI and bullish crossover suggest additional gains remain on the table.

Stellar Lumens (XLM/USD) is consolidating its latest rally to a nine-day high of $0.397 on Sunday as bulls await further momentum for the next move higher.

Stellar

MetaNews.

The price of XLM is resuming recovery from two-week lows of $0.309, following Saturday’s brief pullback.

Stellar’s price is up 6% on the day and currently trades at $0.3820 despite mixed performance in cryptocurrency markets.

Stellar’s path of least resistance remains bullish.

Since hitting $0.439 on September 6, Stellar Lumens’ price has been moving within an ascending triangle pattern.

As XLM price rallies strongly towards the horizontal trendline resistance at $0.439, which has marked a double top, it is looking for a bullish breakout of the triangle.

If XLM price breaks out of the ascending triangle and closes above the aforementioned critical barrier on a daily basis, a massive rally towards $0.625 cannot be ruled out.

RSI has cut the middle line from below.

The RSI has cut the midline from below, currently pointing upwards at the 56 level. This suggests that there is additional room left for XLM bulls.

A bullish crossover between the 21-day moving average and the 200-day moving average adds credibility to the likely rally.

The psychological $0.50 level could challenge the bearish commitment before the aforementioned pattern target.

On the other hand, the confluence of the 21 SMA and 200 SMA around $0.367 would be beneficial to XLM bulls.

XLM price may fall towards $0.330 if the decline deepens, where the upward sloping 50 SMA and 100 SMA confluence.

Under a sustained break below that confluence support, the triangle’s uptrend line support at $0.317 will be exposed. That demand area will be the level to beat for XLM bearish traders.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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