Stellar (XLM) Price May Surge to $1.60 with Key Levels to Monitor

Stellar (XLM) is attempting to regain a crucial price level that may lead to a significant increase. Key points include:

XLM surged 9% recently, reaching $0.30 after recovering from a market downturn.
Analyst Ali Martinez suggests a potential 300% breakout, indicating the formation of a bullish pattern.
The cryptocurrency has consolidated between $0.63 and $0.25 since its November 2024 breakout.
XLM experienced a 52% decrease from its December 3-year high and failed to surpass its downtrend line.
Recent market activity was influenced by President Trump's announcement regarding a US Crypto Strategic Reserve.
XLM retraced to $0.37, testing the $0.35 key resistance which previously served as support.
A sustained break above $0.42 could initiate a bull run targeting $1.60.
Failure to reclaim the $0.35 level could push prices down to $0.20-$0.23.
XLM's Relative Strength Index (RSI) indicates a breakout from a 96-day downtrend.
Historical patterns show similarities to the 2017 breakout, with a potential Fibonacci target around $2.46.

As of now, XLM trades at $0.30, reflecting a 2.4% increase over the week.