Stellar Price Could Target $0.33 In Next Move — Time To Buy?

Opeyemi Sule

4 months ago

3 mins read

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The Stellar price has crashed by double digits over the past week, mirroring the dwindling climate of the altcoin market. However, if the latest price action is anything to go by, XLM could be gearing up for a significant bullish rally in the coming days.

Here’s How XLM Is Gearing For A 20% Move

In a new post on the X platform, prominent crypto analyst Ali Martinez put forward an interesting prognosis for the Stellar price over the next few days. According to Martinez, the price of XLM could experience some relief soon, as a 20% upward move appears to be on the horizon.

The reasoning behind this bullish projection is the formation of a descending triangle pattern on the 1-hour timeframe of the Stellar price chart. The descending triangle is a technical analysis pattern that looks like a right-angled triangle with a diagonal falling upper trendline (connecting a series of lower highs) and a horizontal lower trendline (connecting the swing lows).

Typically, a descending triangle formation is considered a bearish technical analysis pattern or a continuation pattern with an established downtrend. Nevertheless, a descending triangle can also be a trend reversal pattern and a bullish signal, with the price breaking out in the initial trend’s opposite direction.

As shown in the chart above, the price of Stellar recently found support at the horizontal lower trendline set around $0.274, bouncing back toward the $0.28 mark. However, Martinez suggested that the XLM price could be targeting the resistance zone between $0.28 and $0.29.

If the Stellar price does break out of the descending triangle pattern, Martinez expects the altcoin to move up by at least 20%, placing the target at around $0.33. For context, the price target for the descending triangle pattern is calculated by adding the vertical height between the sloping and horizontal trendlines.

A move toward $0.33 could be exactly what the price of Stellar needs to kickstart a fresh bull rally. In a separate post on X, Martinez revealed that the $0.55 mark might be a crucial level to watch for a sustained bull run.

The chart above shows that the price of XLM has been rejected at $0.55 level multiple since 2018. However, it is worth noting that the more times the price tests a level, the weaker it becomes and the more likely it is to be broken.

Stellar Price At A Glance

As of this writing, the price of XLM stands at around $0.276, reflecting a 1.6% decline in the past 24 hours. According to data from CoinGecko, the altcoin’s value has fallen by more than 11% in the past seven days.

Featured image from Adobe Stock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

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Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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