Lorenzo Stroe
Independent Analyst
- Stellar price had a breakdown from a symmetrical triangle pattern on the 12-hour chart.
- The digital asset aims to hit $0.32 in the long-term.
- XLM bulls must push Stellar above a key resistance level to invalidate the bearish outlook.
Stellar has been trading below a key resistance level on the 12-hour chart, which has prevented the digital asset from advancing any further. Bears have finally taken the upper hand and aim to drive Stellar price down to $0.32.
Stellar price eying up a 20% correction
The breakdown from the symmetrical triangle pattern on the 12-hour chart has a price target of $0.327, which is a 20% correction calculated using the height of the pattern as a reference.
XLM/USD 12-hour chart
However, bulls still have a chance to prevent this pullback. It is often the case that after a breakdown, the digital asset will try to re-test the previous support, in this case, located at $0.42.
The ideal scenario for the bears is a re-test of the support into a new leg down towards the price target of $0.327. However, if the bulls can push Stellar price above $0.42 and especially $0.44, they will invalidate the bearish outlook, potentially pushing the digital asset towards $0.52.
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