XLM price gears up for 15% ascent as Stellar cheers bull cross

XLM/USD set to test the key horizontal trendline resistance near $0.435.
Stellar price advances within ascending triangle formation on the 1D chart.
Bullish RSI and crossover suggest the more gains remain in the offing.

Stellar Lumens (XLM/USD) is consolidating its latest rally to nine-day highs of $0.397 on Sunday, as bulls await a fresh impetus for the next leg higher.

XLM price is resuming the recovery momentum from two-week troughs of $0.309, snapping Saturday’s brief pullback.

Stellar price is higher by 6% on the day, currently trading at $0.3820, shrugging off the mixed performance across the crypto market.

Stellar’s path of least resistance remains to the upside

As overserved on Stellar Lumen’s daily chart, XLM price has been trading within an ascending triangle formation since topping out at $0.439 on September 6.

XLM price eyes a bullish breakout from the triangle, as it rallies hard towards the horizontal trendline resistance at $0.439, which has charted a double top.

A massive upsurge towards $0.625 cannot be ruled if XLM price yields a daily closing above the aforesaid critical upside barrier, confirming the ascending triangle breakout.

The Relative Strength Index (RSI) has cut the midline from below, currently pointing north at 56.60. This suggests that there remains more room for the upside for XLM bulls.

A bull cross, represented by the 21- Daily Moving Average (DMA) having crossed the 200-DMA from below, adds credence to the probable upswing.

Ahead of the pattern target mentioned above, the $0.50 psychological magnate could challenge the bearish commitments.

XLM/USD: Daily chart

Alternatively, the confluence of the 21 and 200-DMAs around $0.367 could come to the immediate rescue of XLM bulls.

If the sell-off deepens, then XLM price could fall further towards $0.330, where the upward-sloping 50 and 100-DMAs coincide.

A sustained break below that confluence cushion will expose the rising trendline (triangle) support at $0.317. That demand area will be the level to beat for XLM bears.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram