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The cryptocurrency known as Stellar has been a relatively poor performer over the last several years, however, throughout 2020 the once-booming altcoin has been showing signs of a strong recovery.
Now, the asset has printed a TD9 on daily price charts, following an over 10% intraday rally. Is this a sign that an altcoin season may soon begin?
XLMUSD Closes 10% Daily Gain, But More Upside is Likely For Altcoins
Last night’s daily close on the XLMUSD trading pair solidified an over 10% rally on the day in the altcoin.
The cryptocurrency known as Stellar lumens has fared extremely poorly throughout the bear market, alongside the likes of XRP. But things appear to be reversing in recent weeks as the Bitcoin halving draws attention to the cryptocurrency space once again.
Related Reading | Stellar’s Fractal Shows How Epic the Next Crypto Bull Market Can Be
It was after the last halving that altcoins began their incredible ascent towards all-time high prices, and the cycle could be restarting again.
A fractal is even forming on Stellar price charts on the XLMUSD trading pair, signaling that major upside is ahead. Backing up the potential chart formation, a TD 9 buy setup has also been triggered.
Stellar TD 9 Buy Coinciding With Bitcoin Halving Could Cause Alt Season
The TD Sequential indicator created by market timing expert Thomas Demark, has signaled a 9 “buy” setup on XLMUSD. In the past, the TD Sequential indicator has shown incredible accuracy and precision in calling tops and bottoms in the crypto market.
The indicator called Bitcoin’s top in February 2020, the bottom in December 2019, and the all-time high peak at $20,000. It has also shown value as an accurate indicator for altcoins like Stellar lumens.
A number of other altcoins recently had similar signals trigger pointing to further upside in the days ahead, Bitcoin has triggered a sell setup instead.
Related Reading | Stellar Rally: Once Stagnant Altcoin Outperforms Bitcoin By 30%
Bitcoin crashing typically doesn’t bode well for altcoins like Stellar, but this time could be different. The Bitcoin halving kicked off the first-ever extended altcoin season and could do so again.
A fractal on XLMUSD price charts shows just how stellar the next cryptocurrency bull market might be. Fractals are patterns that repeat with peculiar accuracy and are the result of human emotion.
Bitcoin dominance charts demonstrated that altcoins are at a critical, bounce or die junction. A crash in Bitcoin could theoretically cause altcoins to bounce on BTC trading pairs, kicking off yet another extended altcoin season.
With XLM showing early signs of renewed interest in altcoins and buy signals backing up the bullish momentum, the next cryptocurrency bull market may finally be here.
Featured image from Pixabay
