Stellar Price Analysis: XLM Broke out of an Exciting Declining Pattern

• Stellar price has broken out of the descending triangle pattern over the daily price chart.
• XLM crypto has recovered above 20 EMA and now aim for 50, 100 and 200-days Daily Moving Average.
• The pair of XLM/BTC is at 0.000005282 BTC with an intraday drop of 1.62%.

Stellar price has successfully broken out of the descending triangle pattern over the daily price chart. The token now needs to sustain above the pattern to start its recovery phase. XLM coin must maintain the current uptrend momentum to convert it into a successfully bullish rally. XLM investors need to wait until bulls sustain at the verge of the descending triangle pattern. XLM bulls accumulation is needed and now bulls need to sustain to continue the ongoing bullish momentum.

The market value of Stellar, which is currently CMP at $0.114, has increased by 3.70 percent during the past 24 hours. The intraday trading session saw a 36.32 percent rise in trade volume. This demonstrates that buyers are making an effort to build up their own positions in order to support XLM and keep it above the top trendline of the descending triangle formation. Volume to market cap ratio is 0.05832.

To maintain its present price, the XLM coin must attract a sizable number of buyers. As BTC, the greatest market dominator, has recovered above $20000 psychological level and is trying to sustain above it. Other altcoins have also started thri bullish rally following the uptrend momentum. Volume change can be seen below average and needs to grow for XLM to sustain above the descending triangle pattern. 

Support on the lower end is at $0.105 and resistance on the higher side is at $0.120.

Will XLM bulls sustain or get Detained?

XLM coin price is trying to sustain at the upper trendline of the descending triangle pattern over the daily price chart. The token must attract a significant amount of buyers in order to sustain at the current level. Technical indicators suggest the uptrend momentum of XLM coin.

Relative Strength Index showcases the uptrend momentum of XLM coin. RSI is at 46 and is preparing to break out from neutrality. MACD exhibits the bullish momentum of the XLM coin. The MACD line is above the signal line after positive crossover. XLM investors need to wait for any directional change over the daily price chart.

Conclusion 

Stellar price has successfully broken out of the descending triangle pattern over the daily price chart. The token now needs to sustain above the pattern to start its recovery phase. XLM coin must maintain the current uptrend momentum to convert it into a successfully bullish rally. Volume change can be seen below average and needs to grow for XLM to sustain above the descending triangle pattern. Technical indicators suggest the uptrend momentum of XLM coin. XLM investors need to wait for any directional change over the daily price chart.

Technical Levels

Support Level: $0.105

Resistance Level: $0.120

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.