The XLM token of Stellar Lumens has been recently been moving upwards at an exponentially rapid speed. In the meantime, many of the technical pointers have become extremely bullish.
The market outlook of Stellar is appearing to be recovering following the aftermath of the 3 weeks long time period for consolidation. This comes as great news for XLM traders as Stellar is finally moving out of the declining triangle.
XLM Steering Upward
Stellar Lumens, also known as XLM tokens, is considered to be the 11th largest cryptocurrency on the basis of market capitalization. As of recently, XLM is breaking out of the descending triangle which has been evolving on their 4-hour chart from the 7th of January.
From that time, the Steller Lumens price has been creating a range of highs which has been low. At the same time, the support level of $0.230 has also been able to halt the price of the coin from declining further.
The buying pressure has recently witnessed a spike. Due to this reason, Stellar has successfully managed to break out of the hypotenuse triangle at the price level of $0.253. As a result, XLM has come out of the price hurdle and regained the support level. Owing to this, the coin has the opportunity of a 45.50% increase in their price and reach almost $0.376.
The parabolic stop and reverse, also known as ‘SAR’ are adding confidence to the positive outlook. The trend of following this indicates a forecast of the consolidation period of XLM reaching an end.
However, if the support level drops below $0.230, the bullish action will become invalid for Stellar. This might give rise to the SAR parabolic activity and make it bearish. Following this, the Stellar Lumens might plummet to $0.123.
