Stellar (XLM) Breaks Out with Target of $0.39
Stellar (XLM) has broken out of a five-month downtrend, with analysts suggesting a potential rally based on historical patterns. Key developments include:
Breakout Targets $0.39
- Stellar has reclaimed the $0.30 mark, its highest since March.
- The cryptocurrency previously dropped 68% to a low of $0.20 before recovering above the downtrend.
- A confirmed breakout from a two-month inverse head and shoulders pattern suggests a target of $0.39.
XLM's Historical Tendencies
- Analyst Rekt Capital noted the end of a multi-month downtrend and a breakout from a downtrending channel.
- A weekly close above $0.27-$0.29 is essential for maintaining support and targeting higher levels.
- Historically, reclaiming this zone has led to rallies toward $0.37-$0.40.
- In previous cycles, XLM reached highs of $0.80 and an all-time high of $0.87 after similar breakouts.
- Resistance is expected in two areas: $0.34-$0.38 and $0.47-$0.70.
Currently, Stellar trades at $0.296, reflecting a 2% daily increase.