Stellar Price Prediction: XLM/USD eyes a 60% rally on a symmetrical triangle breakout
- XLM/USD is teasing a symmetrical triangle breakout on the daily chart.
- RSI has also already charted an upside break; Sunday’s close is critical.
- A 60% upswing is in the offing if the bullish break is confirmed.
Stellar Lumens (XLM/USD) is awaiting a strong catalyst to break out from the recent tight range, having turned positive for the first time in four trading sessions.
The XLM buyers are prepared for a potential 60% move higher, with the technical setup favoring the upside. At the press time, the spot trades at $0.4114, up 1.24% during the past 24 hours.
XLM/USD: A test of the $1 mark is back on the buyers’ radar
XLM/USD: Daily chart
XLM/USD is on the verge of confirming a symmetrical triangle breakout on the daily sticks. Therefore, the focus is on daily close above the falling trendline resistance at $0.4223.
The odds of an upside break are higher as the 14-day relative strength index (RSI) has already charted a breakout, although the bulls await confirmation.
The next immediate resistance for the XLM buyers is seen at the 21-daily moving average (DMA) of $0.4415.
Further up, acceptance above the psychological $0.50 barrier is critical to extending the run higher towards the $1 mark, which also coincides with the pattern target.
To the downside, the fierce cap is placed at the rising trendline support at $0.3967. A sustained move below the latter could yield a symmetrical triangle breakdown.
The bullish 50-DMA at $0.3882 could offer some temporary reprieve to the bulls. Sellers would then target the February 23 low at $0.3072.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
