2020-2-13 06:48 |
The Stellar (XLM) price has been trading inside of an ascending triangle for slightly more than a month. A breakout from this pattern is expected in the near future.
Stellar (XLM) Price Highlights The XLM price is trading inside an ascending triangle. Technical indicators suggest a breakout will occur. There is resistance at 920 satoshis. Long-term targets at 1450 and 2000 satoshis.Trader @devchart tweeted an XLM price chart that shows that, while the price began a pump, the recent Bitcoin increase caused it to drop towards the support area below.
$XLM
1D TF
When you get so excited to see $XLM finally pump and $BTC just bitch-slap it back to support level…#XLM#Alts #Crypto pic.twitter.com/NObGeA4flU
— Devchart (Andre) (@devchart) February 11, 2020
Let’s take a closer look at the Stellar price movement and determine where the XLM price is heading to next.
Ascending TriangleThe XLM price has likely been trading inside an ascending triangle since reaching a low of 575 satoshis on January 5.
The price is currently right at the resistance line of this pattern, which is projected to end by the end of February.
A breakout that travels the entire height of the pattern would take the price all the way to the closest resistance area, which is found at 920 satoshis.
Besides the ascending triangle being a bullish pattern, technical indicators support a price increase — although not by much. The XLM price has just moved above its 200-day moving average (MA) and validated it as support. In addition, the 50-day MA is trending upwards, possibly setting up a bullish cross between these MAs.
Finally, the RSI is above 50 and moving upwards. While there is possibly some bearish divergence developing, it is very marginal and not close to being sufficient for predicting a reversal.
In the short-term, we can see that the Stellar price might have just broken out above this resistance area and validated it as support. The previous close has been the highest for this year — since previous highs were characterized by long upper wicks rather than price closes.
Future XLM Price MovementIf the Stellar price breaks out as expected and reaches the resistance area, we can use the weekly chart to outline its longer-term movement.
The price has made a double bottom on September-January and the 920 satoshi resistance area acts as the peak between the two bottoms. The weekly RSI endorses a price increase — since it has generated very significant bullish divergence. The proposed breakout would likely cause the RSI to move above 50, confirming that this upward trend has begun.
The next targets are found by using a Fib retracement from the 4709 satoshi high of November 2018, and the closest ones are found at 1400 and 2000 satoshis.
To conclude, the XLM price is trading inside an ascending triangle out of which we believe it will break out. The closest target is found at 920 satoshis, while long-term targets are found at 1400 and 2000 satoshis.
The post Is a Stellar (XLM) Breakout Imminent? appeared first on BeInCrypto.
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