The price of Stellar (XLM) has experienced a decline since reaching its yearly high on July 13. However, it’s currently trading within a continuation pattern, which indicates the potential for a breakout in the future.
Furthermore, both the price action and wave count analysis indicate that the overall trend remains bullish. As a result, there is a possibility that XLM could soon achieve a new yearly high.
Stellar Price Trades in Middle of Long-Term Range
Upon examining the technical analysis on the weekly time frame, several XLM observations can be made:
At the beginning of January, XLM broke out from a 616-day resistance line. Two months later, this former resistance level was validated as support, and the upward movement continued. This breakout from a significant long-term level often signals the beginning of a bullish trend reversal.
Following the breakout from the long-term resistance line, the price also surpassed the…
