This Chart Pattern Could Help Stellar Price Outperform Bitcoin

While the crypto market remains unclear, XLM buyers demonstrate their dedication with a bullish breakthrough from the descending triangle formation. When this pattern is completed, coin holders should see a strong directional rally. The $0.13 threshold, on the other hand, remains a severe obstacle to Stellar price rebound.
A bullish crossover of the 20-and-100-day EMAs could accelerate the current bull run. To validate the Stellar price recovery, a strong breakout from $0.13 is required. The XLM’s intraday trading volume is $270.5 million, representing a 137% rise.

For the past four months, the Stellar price has followed a descending triangle trend. The altcoin has repeatedly tested the pattern’s downsloping trendline and the $0.1 neckline support, indicating that traders are paying attention to these levels.

However, as the prices breach the support neckline, this price pattern suggests the continuation of the current slump. In rare situations, however, the price may invalidate this bearish if buyers cross the overhead trendline.

Despite the recent crypto market sell-off caused by the announcement of US unemployment data, the Stellar price has steadily recovered. With increased volume activity, cryptocurrency broke out to the upside from the overhead trendline.

This breakout shows that market sentiment has shifted from selling on rallies to buying on falls. This development should provide a solid foundation for purchasers to extend the ongoing recovery. According to the technical setup, the Stellar price surge should propel the altcoin to a 20% high of $0.15.

However, coin purchasers may encounter significant resistance at the $0.13 level, as it has limited positive growth room over the last three months. As a result, safe traders should enter after the given daily candle closes over $0.13.

Indicator Technical
Bollinger band: Stellar prices reaching the upper band indicate that buying activity has surpassed the regular price range. The trendline of this indicator should push it to consolidate above the $0.15 resistance.

The daily-RSI slope, which reflects comparable growth-like price movement, shows that market sentiment favors a bullish comeback.

Excellent Intraday Price Levels
$0.125 as a spot rate
Bullish trend
High level of volatility: $0.13 and $1.15
$0.113 and $0.1 as support levels

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