XLM Coin Price Analysis: Will XLM Coin Start a Bullish Rally?

• XLM coin price has been on the rise for the past two weeks; it rose to an important supply zone.
• The XLM coin price has broken the supply zone forming a symmetrical triangle pattern on a daily time frame.
• The pair of XLM/BTC is trading at the price of $0.00001760 with a decrease of -3.52% in the past 24 hours.

Stellar coin price stirs long-term consolidation as it moves up from the demand zone. It has formed a continuation pattern on a daily time scale indicating a possible change in the price structure to the bullish trajectory. Currently, the CRP coin price is transacting at $0.3814.

XLM Coin Price Is Ready For a Big One-Sided Move

Source: XLM/USDT by tradingview

After overcoming all short-term obstacles, the price of the XLM coin is now trading above the long-term supply zone. The coin has started to consolidate as of now on a daily time frame. On a weekly time frame, the coin has demonstrated positive momentum. On a daily time scale, the price of the XLM coin has developed a symmetrical triangle chart pattern.

The price recently broke out of this bullish pattern. The price has been steadily increasing ever since and has shown a breakout from the 50 and 100 MAs. The coin price is resting at these Moving Averages going forward. The price of coins likewise demonstrated a breakout of the 14 SMA. After rebounding off the lower band, the coin price is currently trading at the upper band of the Bollinger band indicator.

Volatility has risen as a result of rising volumes. Investors should exercise caution since they might become caught on either side. The current bullishness has resulted in a wide range in the Bollinger bands. As a result, investors should prepare for some sideways fluctuation in the price of the XLM coin in the next few days.

The XLM Coin Price Forms a Symmetrical Triangle Pattern on the Daily Time Frame

Source: XLM/USDT by tradingview

ADX curve has been rising on a higher time frame as the coin continues to move upwards. In an hourly time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As seen in the 4-hour time frame, the ADX curve has risen above the zone indicating strong bullishness. As the coin price hovers around the supply zone, the ADX curve is still pointing upward. Investors should wait for a breakout from the supply zone with a positive candle formation.

TheMACD indicator has given a positive crossover as the coin gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the coin price moving up steadily. Recently, XLM coin price fell after the break out from a small resistance. As a result, the MACD indicator also depicted the same. Once the coin price starts moving up again after retesting, the gap between the blue and orange lines can be seen widening supporting the trend.

Conclusion: XLM coin price as the price action suggests is forming a strong bullish pattern. Despite the negative global clues, the coin price is showing strength. As per the technical parameters the coin price has managed to sustain above the demand zone as they turn bullish. It remains to be seen if the coin price will break the supply zone or fail to do so and fall.

Support: $0.080 and $0.075

Resistance: $0.090 and $0.095

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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