Stellar Price in Correction Phase: Analysts Eyes 11x Gain Post Breakout

• XLM price has been in a consolidation phase in a narrow range.
• Stellar price has surpassed the 20-day EMA, showcasing bulls’ grip.

Stellar (XML) price has performed positively in a wider time frame. Amid this bull run, the XML price has reached the $0.600 hurdle but failed to hold. The Stellar price has been struggling in a narrow range near the 20-day EMA for the past 2 weeks. XLM price has experienced a dip but buyers have managed to survive.

According to the analysts, XML has the potential to jump 1100% ahead. On a weekly time frame, the price reached a crucial resistance zone. Here, sellers might be active and a bearish trend can be anticipated.

Stellar Price Potential; Analysts Weigh in

@JavonTM1 is a crypto analyst who believes XLM could witness a giant bullish rally. Historically, the price has reached a most awaited breakout zone similar to 2017. If the price departs from the $0.700 hurdle, it could surge ahead.

On the weekly time frame, the price action suggests a successful breakout from this zone could be advanced by 1100%. Once the price surpasses the $1 mark, it could travel to the $6 mark.

XLM Price in Correction Phase: Could We See Another Rally?

Stellar crypto was trading at $0.429 at press time, it was neutral over the past 24 hours. The market capitalization was $13.14 Billion and the 24-hour trading volume was $1.3 Billion.

The bullish trend has interrupted near the $0.600 hurdle and sellers have shown interest. The price has shaped a descending triangle pattern on a daily time frame.

If the XLM crypto price triggers a breakout from the triangle, it could attract buyers. Once the price surpasses the last swing high, another bullish rally can be anticipated. After a breakout, the price might climb to the psychological level of $1 in a spike.

Alternatively, if the digital asset price slips below the 20-day EMA, a selling scenario could be generated. A breakdown from the triangle might invite sellers and profit booking can be observed. Here, profit booking might bring strong selling pressure.

Turning to the technical indicators, the RSI is nearing the RSI-based moving average, and a golden crossover is anticipated. The price has been hovering near the 20-day EMA which signals a neutral forecast.

Stellar Price Prediction Based on Trend

Stellar crypto is currently positioned in a key consolidation phase, exhibiting both potential for significant upward movement and risks of a bearish trend. Analysts are optimistic, forecasting an impressive 1100% surge if XLM can successfully break past the resistance level around $0.700.

The recent trading near the 20-day EMA indicates a battle between buyers and sellers. Moreover, a potential breakout from the descending triangle pattern is an opportunity for further gains.

However, cautious investors should be mindful of the selling pressure that could arise if the price dips below the 20-day EMA. Overall, while the indicators suggest a neutral stance for now, the upcoming movements in XLM’s price could prompt exciting developments in the near term.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.