XLM, signals end of 9-month decline... "Up to 60% additional surge"

▲ Stellar (XLM)

Stellar (XLM) has successfully made a strong technical breakthrough after a long 9-month decline, initiating a full-fledged bullish rally towards the $0.30 mark.

According to a video uploaded by crypto analyst Lark Davis on his YouTube channel on April 21 (local time), citing a report from virtual asset media BeInCrypto, XLM recently broke through the $0.15 resistance level. XLM confirmed a trend reversal by breaking upwards from a descending triangle pattern that had persisted since the second half of last year. Market experts analyze that the accumulated buying energy over several months is now fully erupting through this breakthrough.

The Relative Strength Index, a technical indicator, recorded above 60, indicating a strengthening bullish trend. As the price firmly establishes the $0.14 support level, buying forces are leading the market. The short-term target price, set based on the height of the descending triangle pattern, is $0.30. With over 60% additional upside potential compared to the current price, investors' expectations are high.

The accompanying increase in trading volume supports the reliability of this breakthrough. Positive movements in major assets like Bitcoin (BTC) and XRP are transferring to the altcoin market. Increased practical use cases as a payment network are driving fundamental improvements and price appreciation. Accumulation activities by whale investors are also clearly observed in on-chain data.

Technical advancements for network security and scalability are also behind the price increase. XLM is expanding its ecosystem by increasing its market share in the global remittance market. If the selling pressure formed in the $0.20 range is absorbed, the upward trajectory to $0.30 is expected to steepen further. Market participants anticipate that the $0.16 level will act as a key support line in the event of a short-term correction.

XLM has ended its long-term downtrend and entered a full-fledged bullish cycle. Technical breakthroughs and increased trading volume are interpreted as signals of asset revaluation. The currently formed bullish pattern resembles the conditions just before past major rallies. XLM is solidifying its position in the virtual asset market based on payment efficiency.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*