Stellar (XLM) Market Gains 10.77% Amid Bullish Flag Formation

The Stellar (XLM) market has gained 10.77% in the past day, recovering from a bearish trend affecting the overall crypto market. Market analyst Ali Martinez suggests that XLM could be positioned for a bullish swing due to a technical formation.

XLM's Bullish Flag Analysis

Martinez highlighted a bullish flag pattern on the XLM/USDT 3-day chart, indicating potential price increases. Key points include:

A bullish flag forms after a steep price rise followed by consolidation.
The current upper boundary for confirmation of upward movement is at $0.41.
Resistance levels are identified at $1.00, $1.21, and $1.41.
If confirmed, XLM could rise by up to 330%, potentially reaching around $1.20.
The Relative Strength Index (RSI) supports this bullish outlook, currently at 4.59 and trending upwards.

XLM Price Overview

XLM is currently trading at $0.3141 after its recent increase. However, daily trading volume has decreased by 1.12%. The asset remains down 5.94% weekly and 27.28% monthly, indicating continued bearish control. Increased buying pressure is necessary for a bullish breakout.