Crypto analyst Ali (@ali_charts) reports a significant breakout in Stellar (XLM) price that opens the door to new targets. We will explore his forecast and key support levels.
Analysis of XLM Chart
On the four-hour chart of XLM to USD, used by Ali, a sharp rise from late June to mid-July is noticeable, creating a flagpole. XLM then continued to move within a downward channel resembling a flag or even a falling wedge. The upper boundary of that channel connects a series of lower highs, while the lower boundary reflects lower lows with diminishing momentum. This indicates a consolidation phase.
Price Movement Forecast for Stellar
Ali notes that targets in a flag breakout are often based on the height of the flagpole projected from the breakout point. He also employs Fibonacci levels to analyze potential support and resistance levels. Ali’s projection for Stellar's price suggests that after a successful breakout, the price could reach $0.75, a round number and a logical extension of the July movement.
Next Steps for XLM Price
Ali highlights two key checkpoints to monitor. First, the breakout region around $0.42 to $0.45 should act as support. Second, it is important for the market to hold above the July high near $0.52. If Stellar falls below this zone, it may weaken the bullish signal.
Ali's analysis indicates that Stellar (XLM) has potential for further growth, provided that key support levels and market dynamics are maintained. Investors should closely monitor price movements in the coming days.
