Stellar price, a popular cryptocurrency started by a Ripple co-founder, jumped by over 450% as the crypto bull run accelerated. XLM however, is now showing signs of exhaustion as its rally to $1 hits a snag. Still, crypto analysts believe that Lumen has room to go as the altcoin season starts.
Stellar Price Analysis: Early Signs Of A Bullish Pennant Showing
Stellar price was trading at $0.55 on Tuesday, November 3, down by 15% from its highest level in November. On the positive side, the coin is showing signs of forming a bullish pennant chart pattern, which is a popular sign of a continuation. A pennant is characterized by a vertical line and a symmetrical triangle pattern.
In most periods, this pattern often leads to a strong bullish breakout, especially when it is supported by high volume.
The XLM price has also moved above the 50-week and 200-week Exponential Moving Averages (EMA). It also remains above the key psychological level at $0.50 and the resistance level at $0.4400, its
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