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.
The wider crypto market may be attempting to follow the Gold price but the short-term…
The Circle Payments Network will leverage regulated stablecoins led by USDC and EURC. The CPN…
The Avalanche ecosystem has grown significantly in the past year backed by institutional investors seeking…
Coinbase’s listing of CFTC-regulated futures for XRP follows Bitnomial’s launch of a similar product last…
As the market warms up and new narratives begin forming around decentralized finance, one project…
Dogecoin has shown a 9.74% daily growth to reach $0.2021 in trading value and experts…
