XLM, signal of 9-month decline ending..."Up to 60% additional rise"

▲ Stellar (XLM)

Stellar (XLM) has successfully achieved a strong technical breakthrough after a long 9-month decline, initiating a full-fledged bullish rally towards the $0.30 mark.

According to a video uploaded on his YouTube channel on April 21 (local time), crypto analyst Lark Davis cited a report from crypto media outlet BeInCrypto, stating that XLM recently strongly broke through the $0.15 resistance level. XLM confirmed a trend reversal by breaking upwards from a descending triangle pattern that had persisted since the second half of last year. Market experts analyze this breakthrough as the beginning of the concentrated buying energy accumulated over several months.

The Relative Strength Index (RSI), a technical indicator, recorded above 60, indicating a strengthening bullish trend. As the price firmly solidified the $0.14 support level, buying forces are leading the market. The short-term target price, set based on the height of the descending triangle pattern, is $0.30. This suggests an additional upside potential of over 60% compared to the current price, raising investor expectations.

The accompanying increase in trading volume supports the reliability of this breakthrough. Positive movements in major assets like Bitcoin (BTC) and XRP are spilling over into the altcoin market. Increasing real-world use cases as a payment network are driving fundamental improvements and price appreciation. Accumulation activities by whale investors are also clearly observed in on-chain data.

Technological advancements for network security and scalability are also behind the price increase. XLM is expanding its ecosystem by increasing its market share in the global remittance market. If the selling volume formed in the $0.20 range is absorbed, the upward trajectory to $0.30 is expected to become even steeper. Market participants anticipate that the $0.16 level will act as a key support line in the event of a short-term correction.

XLM has ended its long-term downtrend and entered a full-fledged bullish cycle. Technical breakthroughs and increased trading volume are interpreted as signals of asset value re-evaluation. The current bullish pattern resembles the conditions just before past large-scale rallies. XLM is solidifying its position in the virtual asset market based on payment efficiency.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*