Stellar (XLM) Chart Signals Major Rally —Is A 330% Surge Coming?
According to the Stellar (XLM) market price has risen by 10.77% over the past day Data from CoinMarketCap. This price rebound comes after a rather bearish week Major losses In the entire cryptocurrency market. Interestingly, as these digital assets show some minor recovery, well-known market analyst Ali Martinez speculates that XLM may be preparing for the main bullish swing.
XLM’s bullish flag could push prices to $1.20 – Analysts
exist X Posts On March 1, Martinez shared an interesting technical analysis of the XLM market. According to market experts, there is a bullish flag forming on the XLM/USDT 3-day trading chart that marks the incoming price soaring.
In the context, when bullish flag patterns occur, when the price of an asset rises sharply represents the flagpole, and then the period of merger, the price changes represent the flag. On the XLM/USDT chart, a bullish flag formed after the November 2024 price rally, which has been delayed so far by the price correction phase.
But while bullish flags may mark potential momentum in preparation for explosions, stars must surpass the current flag’s ceiling to confirm any price gains. Far beyond this level, Altcoin will also face significant resistance at price levels of $1.00, $1.21 and $1.41 respectively.
However, with sufficient buying pressure, XLM increased by at least 330% when confirming bullish intentions, indicating a minimum price of around $1.20. The projected rise of stars stems from historical data that are expected to generate market growth similar to the length of their flagpole.
Interestingly, the relative strength index (RSI) on the XLM/USDT daily chart also supports Altcoin’s bullish potential. According to TradingView, this RSI is currently 4.59, facing upwards, which marks the increase in space for XLM prices after its recent recovery.
XLM Price Overview
At the time of writing, XLM has a price of $0.3141 after 10% increase in the past 24 hours, as mentioned earlier. Meanwhile, daily trading volume fell by 1.12%, and market participation decreased slightly.
It is worth noting that XLM remains in the red zone on weekly and monthly schedules with losses of 5.94% and 27.28%, respectively, indicating a larger bearish market control recently. To achieve a bullish flag breakout, XLM traders must increase current buying pressure and cause higher trading volumes.
