Stellar XLM created an upward triangle as bulls aim for a breakout above the $0.1793 mark. Amid the ever-dynamic crypto landscape, Stellar’s native coin XLM has recently seen a massive surge in its price action.
The coin has garnered huge traction over the past weeks as traders and investors recognize its cost-effective, instant, and impressive FinTech solutions.
Furthermore, investor sentiment was greatly lifted after Ripple’s recent partial win against the United States Securities and Exchange Commission (SEC) last Monday.
In the case, Judge Analisa Torres ruled that the XRP token is classified as an unregistered security, which led to a renewed optimism boost for the directly correlated XLM coin.
XLM/USD 1-Day Chart Technical Analysis: XLM Near-term rally Could hit $0.20
Recently, Stellar’s XLM token has grown impressively, with the altcoin forming higher highs and higher lows at $0.165 and $0.1574, respectively.
Source: Tradingview.com
The XLM/USD pair created an upward triangle chart pattern, signaling the beginning of a strong bullish momentum. XLM price can cross the $0.1793 resistance level in the coming days and continue in the bullish sentiment.
On the flip side, the pair has a support level of $0.1574, which it could retest if XLM does not cross the triangle in the near term. If that happens, breaking below this resistance level could result in the coin retesting the $0.1358 support zone, its lowest level since June 27th.
If bulls can push the coin to break above the triangle and hold their bullish stance, XLM could aim for higher levels, like the $0.20 mark, or even target higher. Currently, Stellar XLM is trading at $0.1681, an increase of more than 20% since its previous day’s price.
On the daily timeframe, Stellar XLM tends to create an upward triangle as bulls aim for a breakout above $0.1793 in the next few days. Technical indicators also reveal a possibly bullish momentum in the coming days as the RSI and MACD look ready for further growth.
The real challenge for XLM bulls will be breaking above the $0.1793 resistance mark, which could lead to further gains to higher levels like the $0.20 zone.
Bulls Aim for a Breakout Above $0.1793
Source: Tradingview.com
On the 4-Hour timeframe, XLM is forming a similar upward triangle chart pattern, which reveals that bulls could rise above and rally the XLM price action higher in the coming days.
The RSI and MACD technical indicators further indicate more bullish momentum in the short term, as this could result in a successful breakout above the $0.1793 resistance level.
However, if bulls fail to break through the level successfully, XLM’s price could turn around and retest lower support markets, like the $0.1574 or $0.1358, in the next few days.
It is worth noting that the main support levels to $0.1574 and $0.1358.
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