Stellar (XLM) Price Prediction: 20% Upside Potential As Descending Triangle Pattern Forms

The Stellar price has crashed by double digits over the past week, mirroring the dwindling climate of the altcoin market.

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The Stellar (XLM) price has crashed by double digits over the past week, mirroring the bleak climate of the altcoin market. However, if the latest price action is anything to go by, XLM could be gearing up for a significant bullish rally in the coming days.

Here’s How XLM Is Gearing For A 20% Move

In a new post on the X platform, prominent crypto analyst Ali Martinez put forward an interesting prognosis for the Stellar price over the next few days. According to Martinez, the price of XLM could experience some relief soon, as a 20% upward move appears to be on the horizon.

In a new post on the X platform, prominent crypto analyst Ali Martinez has put forward an interesting prognosis for the Stellar (XLM) price over the next few days. According to Martinez, the price of XLM could experience some relief soon, as a 20% upward move appears to be on the horizon, merging a technical analysis pattern with the prevailing market mood.

“Stellar (XLM) is showing signs of a potential 20% move to the upside. A descending triangle pattern is forming on the 1H chart, which could see the price of XLM rise from the $0.274 support to the $0.288/$0.29 resistance in the coming days.”

However, Martinez noted that this bullish scenario will be invalidated if the Stellar price drops below the lower trendline of the descending triangle pattern, which is set around the $0.274 level.

Moreover, the analyst predicts that if the Stellar price manages to break out of the descending triangle pattern, it could move up by at least 20%, potentially placing the next target at around $0.33.

“The pattern's price target is calculated by adding the vertical height between the sloping and horizontal trendlines to the breakout point. A move toward $0.33 could be exactly what the price of Stellar needs to kickstart a fresh bull rally.”

Stellar Price Could Soar 88% For Next Bull Run

In a separate post on X, Martinez revealed that the $0.55 mark might be a crucial level for a sustained bull run of the Stellar price.

The chart above shows that the price of XLM has been rejected at $0.55 on multiple occasions since 2018. However, it is worth noting that the more times the price tests a level, the weaker it becomes and the more likely it is to be broken.

“The $0.55 barrier has been a point of contention for Stellar since 2018, with the price being rejected at this level on several occasions. However, it's worth noting that the more times the price tests a level, the weaker it becomes and the more likely it is to be broken.”

At the time of writing, the price of XLM is hovering around $0.274, displaying a 1.17% increase over the past 24 hours. Over the past seven days, the cryptocurrency has experienced a decline of 10.9%.

factor XLM

price today $0.273445

24 hour trading volume $648,377,224

24 hour price change 1.17

7 day price change -10.9

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The post Stellar (XLM) Price Gearing Up For 20% Move As Descending Triangle Forms appeared first on Chain Commons.output: Bitcoin (BTC) price has formed a classic technical analysis pattern, which could lead to a major move for the flagship cryptocurrency.

According to a recent report by Benzinga, the BTC price is currently trading within a symmetrical triangle pattern on the 4-hour timeframe.

Symmetrical triangle pattern in BTC price chart. Source: Benzinga

A symmetrical triangle pattern is formed when the price of an asset oscillates between two converging trendlines. The pattern is neutral and can be either a continuation or a reversal pattern.

If the price breaks out of the pattern in the same direction as the initial trend, then it is a continuation pattern. However, if the price breaks out of the pattern in the opposite direction, then it is a reversal pattern.

In the case of BTC, the initial trend is down, as the cryptocurrency is still recovering from the recent bear market.