The current market situation for Stellar (XLM) shows signs of potential growth according to recent technical analysis.
Overview of Current Situation
According to analysis by Ali, Stellar (XLM) is forming an 'inverse head and shoulders' reversal pattern on the daily chart. A breach of the neckline at around $0.50 could pave the way for higher targets, including $0.77.
Technical Indicators and Their Meanings
Latest readings from Investing.com indicate a strong bullish momentum. Key indicators include RSI (14) in the buy zone, STOCH (9,6) confirming bullish trends, and MACD (12,26) showing a bullish crossover.
Signals from Moving Averages
Moving averages also support the bullish outlook. The 50-day simple moving average is at $0.37741, while the 100-day is at $0.32603. Both are indicating signs of a continued upward trend.
The technical analysis of Stellar (XLM) suggests potential price growth if the $0.50 level is breached. Current trends show the potential to reach the $0.77 mark.
