With the recent recovery trend in XLM price concluding the pullback phase, the buyers are gaining confidence. Boosting the trend momentum, the rising Stellar price showcases a trendline breakout surpassing the crucial EMAs to avoid a death cross.
Moreover, with a sharp jump above the $0.125 mark and absorbing the overhead supply, the Stellar price prediction teases a new high speed bull run.
With a 72% year-to-date growth in 2023, the XLM price is among the top-performing altcoins and continues to gain momentum. Further, the recent trendline breakout highlights an end to the pullback phase and teases a new bull run.
Supporting a new bull run theory, the XLM price action displays an inverted head and shoulder pattern breakout with a neckline at $0.125. Being a crucial supply zone, buyers reclaiming the $0.125 zone marks a trend reversal for Stellar.
Further, the Stellar price action displays a retest of the $0.125 breakout and regains momentum with a 2.31% jump last night. Currently, the altcoin trades hand at $0.122 with a minimal intraday move and shows higher price rejection.
Technical pointers:
MACD indicator: Despite a short pause in bullish histograms, the MACD and signal lines are on a positive track. Therefore, the momentum indicator remains optimistic about the upcoming XLM price trend.
EMA: The crucial 50-day and 200-day EMA find bullish influence with the recent recovery to avoid a death cross. Moreover, the rising 50-day EMA may soon act as a dynamic support to prolong the uptrend.
Despite being at a 36% discount from its 2023 swing high, the reversal trend in XLM price teases a new bull run. Further, the recent inverted head and shoulder breakout rally with the altcoin rising above $0.125 marks a bullish entry signal.
If the Stellar price sustains momentum, the upside rally can reach $0.1426, accounting for a 15% jump. On the flip side, a downtrend in market value to $0.1092 is possible.
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