Stellar Worth Prediction: XLM / USD is aiming for a 60% rally on a symmetrical triangle breakout
- XLM / USD teases a symmetrical triangle breakout on the daily chart.
- RSI has already planned an upside break as well; Sunday is crucial.
- A rebound of 60% is imminent if the uptrend is confirmed.
Stellar Lumens (XLM / USD) is waiting for a strong catalyst to break out of the recent narrow range after turning positive for the first time in four trading sessions.
XLM buyers are prepared for a possible 60% increase, with the technical setup favoring the uptrend. At press time, the spot was trading at $ 0.4114, up 1.24% over the past 24 hours.
XLM / USD: A test of the $ 1 mark is back on buyers’ radar
XLM / USD: daily chart
XLM / USD is about to confirm a symmetrical triangle breakout on the daily sticks. Hence, the focus is on the daily close above the falling trendline resistance at $ 0.4223.
The likelihood of an upside break is higher as the 14-day Relative Strength Index (RSI) has already broken out while the bulls await confirmation.
The next immediate resistance for the XLM buyers is the 21-day moving average (DMA) of $ 0.4415.
Further up, acceptance above the $ 0.50 psychological barrier is critical to extending the run higher towards the $ 1 mark, which is also in line with the pattern goal.
On the downside, the hefty cap shows in the rising trendline support at $ 0.3967. Sustained movement below the latter could lead to a symmetrical triangle break.
The bullish 50-DMA at $ 0.3882 could offer the bulls temporary respite. Sellers would then target the February 23 low of $ 0.3072.
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