XLM price is on the verge of a breakout as it approaches a critical supply barrier. Stellar is traversing a symmetrical triangle pattern, hinting at a quick 20% upswing. A long-term outlook reveals XLM could surge 120% to hit $1 under exceptional circumstances. The XLM price is meandering inside a technical pattern vying to slice through the barrier present ahead.
XLM price gears up for higher high
The XLM price reveals a symmetrical triangle pattern when the multiple lower highs and higher lows since January 27 are connected using trend lines. This technical formation forecasts a 62% move after successful confirmation of a breakout.
For now, Stellar looks primed after a bounce from the 50-day Simple Moving Average (SMA). If the bullish momentum persists, the XLM price could produce a decisive close above the immediate supply barrier at $0.50, coinciding with the 78.6% Fibonacci retracement level.
Following this, the remittances token could pierce the technical formation’s upper trend line at $0.54. This move would signal the start of a bullish wave. If a spike in buying pressure ensues, the XLM price could surge 25% toward the first breakout line at $0.67, set up by the Momentum Reversal Indicator (MRI).
Subsequent areas of interest include the 127.2% and the 141.4% Fibonacci extension levels at $0.74 and $0.81, respectively. Clearing these levels might open up the path to the intended target at $0.87.
Since the XLM price has already retraced 45% from the recent highs at $0.60, the logical thing to expect here would be a massive blast off. If something similar were to happen, the remittances token could surge 120% to hit the $1 mark.
https://www.fxstreet.com/cryptocurrencies/news/xlm-price-prediction-stellar-edges-closer-to-20-gains-202104080957
https://twitter.com/BCBacker/status/1380143666459738114
https://twitter.com/aidan_adler/status/1379922637019881480
https://goldprice.org/cryptocurrency-price/stellar-lumens-price
Not financial advice! you can lose your investment.
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