- Stellar price prediction shows XLM is on the brink of a 20 percent breakout as it moves closer to a crucial supply barrier.
- XLM is hovering around a symmetrical triangle pattern, suggesting a price surge is looming.
- The remittance token could record a 120 percent upswing to hit the $1 mark in the long-term if everything remains constant.
At present, Stellar price movement appears to be hovering inside a technical pattern battling to cut through the immediate barrier ahead.
Stellar Price Prediction: General price overview
According to today’s price movements, XLM appears to be prepping for a higher value. This has been established by noticing the formation of a symmetrical triangle pattern that connects the digital asset’s lower highs and higher lows using trend lines. According to the symmetrical pattern prediction, XLM is in for a 60 percent surge if it successfully breaks out from the top bar.
Moreover, XLM appears ready for a price appreciation after rebounding from the 50-day Simple Moving Average. If the optimistic price movement continues, XLM could be in for a $0.5 price valuation before the close of trading. The $0.5 supply barrier coincides with the 78 percent Fibonacci retracement level.
If this happens, Stellar could be on the road to the symmetrical pattern’s upper trend line at $0.55. This price movement would indicate the beginning of a bullish leg. At this point, buying pressure is poised to rise sharply, laying the foundation for a 20 percent price surge towards the first breakout mark at $0.68, established by the Momentum Reversal Indicator (MRI).
Stellar price movement in the past 24 hours
On looking at Stellar’s 24-hour price movement, it is evident that the 127 percent and the 141 percent Fibo extension levels at $0.7 and $0.8, respectively, will emerge as areas of interest. If XLM manages to slice through these regions, it might go on the road to the intended target of $0.9.
Another factor supporting XLM’s looming bullish trend is the late November 2020 to date chart. It is evident that Stellar recorded 3 higher highs and 2 lower lows during the period. When the extreme swing peaks are joined using trend lines, an ascending parallel channel is formed. Interestingly, a 200 percent upsurge can be seen whenever a price movement is recorded from the lower trend line to the next swing high. However, a 45 percent retracement follows whenever the price reaches the upper trend line regions.
Now that Stellar has already recorded a 45 percent price retracement from its recent $0.6 high, the reasonable price movement to expect now is a colossal take-off. If such an event happened a second time, Stellar could appreciate 120 percent to hit the $1 mark in the long-term.
Stellar 4-hour chart
According to Stellar’s 4-hour chart, the remittance coin is currently trading at $0.477, showing signs of briefly losing value before embarking on an upward trend. The MACD lines also look like they are moving downwards towards the lower side of the signal, validating the short-term price depreciation. Stellar bulls should be on the lookout to avoid the digital asset turning bearish. This could come into the picture if XLM price breaches the symmetrical triangle’s lower trend line, an action sure to spark an increase in selling orders.
Recently, the Stellar platform’s validator suffered an unexpected outage, temporarily stopping the validation of transactions. Although the issue was resolved quickly, major exchanges halted XLM transactions. At present, Stellar is performing exceptionally, considering the outage.
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