Stellar (XLM) Price Set to Explode? Key Breakout Signals Huge Gains!

Stellar’s (XLM) price is presently forming a descending channel on the daily time frame, and if the commodity successfully breaks through its trendline, it might signify the start of a bullish rally, according to crypto analyst Universe of Crypto. 

Since early April 2024, the price of XLM has been moving in a declining channel that is marked by a string of lower highs and lower lows. 

This pattern has kept the XLM’s price under downward pressure for several months. The channel’s bottom trendline has served as support, and the higher trendline has served as a crucial level of resistance.

As XLM approaches this channel’s upper barrier in October, there may be a chance for a breakout. If Stellar breaks over this barrier, it might signal that its protracted downward trend is coming to an end. This level is being watched by traders since a breakout might lead to additional gains.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Stellar (XLM) Price Potential Breakout and Retest Scenario

The analyst mentioned that a successful breakout from the descending channel would likely be followed by a retest of the former resistance level. This retest is an important technical move, as it confirms whether the resistance has turned into support. If XLM holds this level after the retest, it could trigger a strong.

Image Source: X/UniverseOfCrypto

The XLM chart also projects an upward move of over 50% if the breakout is confirmed. The price target for this rally is near $0.150, a previous key level that acted as resistance in April 2024.

Read Also: Where is the Bittensor (TAO) Price Headed Next?

Support and Resistance Levels

Currently, XLM has strong support around $0.090, the lower boundary of the descending channel, which has held the price in check during previous declines. 

On the upside, the immediate resistance lies near the $0.095-$0.100 region, with the next major hurdle expected around $0.150, where XLM’s price could face renewed selling pressure if the rally is sustained.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Boluwatife Afe
Boluwatife Afe

Boluwatife is a dedicated content strategist specializing in the crypto industry and is passionate about blockchain technology and digital currencies. With a keen eye for emerging trends and a talent for making complex topics accessible, Boluwatife aims to educate and inspire the crypto community through engaging and insightful content.

CaptainAltcoin
Logo