Published: Jan 12, 2025 at 03:35 PM
Updated: Jan 12, 2025 at 03:06 PM
- XLM’s recent breakout signals potential for a 66% surge, with analysts forecasting further upward momentum.
- A descending triangle pattern preceded XLM’s breakout, indicating market contraction before another price surge.
- Analysts predict XLM could hit higher targets beyond $0.70, with strong bullish momentum continuing.
The possibility for further higher movement is indicated by Stellar’s (XLM) recent breakout and subsequent strength. The cryptocurrency is getting ready for its next surge, according to cryptocurrency analyst Javon Marks. Analysts estimate that XLM’s price could grow by as much as 66%, perhaps reaching the $0.70 area, although it has already surged. However, larger market structures indicate that XLM might experience even higher targets in the future.
The price of XLM reveals a sequence of events. After a prolonged period of consolidation from June to early November, the price remained relatively steady with minimal fluctuations. This stability set the stage for a sharp and powerful rally in mid-November, marking a breakout. XLM swiftly rose from below $0.10 to about $0.85, indicating the market’s robust bullish momentum.
The price formed a descending triangle pattern and went into a brief consolidation period after reaching a new high. This pattern is characterized by lower highs and lower lows, suggesting that XLM was undergoing a market contraction. Despite this, the descending triangle is a typical phase in which the price compresses before another major price movement.
Around $0.44, XLM broke out of this descending triangle pattern, indicating that the consolidation phase was over. This breakout therefore raises the possibility that the bullish trend may resume. Analysts and traders are upbeat and believe that XLM may keep moving higher. The price movement shows that there is a considerable build-up of momentum and that market sentiment is still optimistic.
Analysts suggest that the breakout from the descending triangle could lead to further gains, with potential targets extending beyond the $0.70. With a favorable market structure and a bullish outlook, XLM investors may expect even higher prices in the near future.
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