Stellar (XLM) Breakout Eyes 30% Rally – Will It Repeat Last Cycle’s Playbook?

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Stellar (XLM) Breakout Eyes 30% Rally – Will It Repeat Last Cycle’s Playbook? - NewsBTC

Quick Summary:

The cryptocurrency has confirmed its breakdown from a bullish reversal pattern and eyes a surge toward new targets Related Reading: Ethereum Jumps To $2,000 Amid Market Surge – Analyst Says This Resistance Is Next Stellar Breakout Targets $0.39 Amid the market pump, Stellar has broken out of a key demand zone and retested the $0.30 mark for the first time since March.

The analyst explained that reclaiming the $0.27-$0.29 area is crucial because it is a "historical demand region on the monthly timeframe.” In the past, turning this zone into support during bull markets has enabled Stellar to rally toward the $0.37-$0.40 mark.

Meanwhile, analyst CW has noted that after breaking the upper line of the downtrend channel, Stellar would encounter resistance in two selling walls, one between the $0.34-$0.38 levels, and a big one around the $0.47-$0.70 zone.