Based on the latest market statistics, Stellar ($XLM) is witnessing a bullish flag formation. As per analytics from the popular on-chain crypto analyst Ali, $XLM is indicating a bullish signal with a bullish flag pattern, while pursuing a breakout at $1.80. The analyst took to social media to discuss the current bullish outlook of $XLM.
Stellar’s Bullish Flag Pattern Signals Potential Breakout at $1.80
Ali considers the current price dynamics of Steller ($XLM) to be quite optimistic. In this respect, the analyst reflected on the 3-day performance of the crypto token on Binance in comparison with Tether ($USDT). The respective analysis points toward a likely rally toward the significant $1.80 spot. Nonetheless, the analyst asserted that, for this to happen, the $XLM token needs to breach the chief resistance levels.
The analyst pointed toward the latest price movements of $XLM within a sliding channel after a resilient hike in the last year’s end. At the moment, the crypto token is changing hands at nearly $0.35326. In this respect, it has gone through an 11.16% profit over the past 3 days. The respective price performance strengthens the rising optimistic momentum around $XLM.
Bullish Breakout Needs Continued Momentum Surpassing $0.45-$0.50
According to Ali, if Stellar ($XLM) remains effective in breaking out of the current consolidation pattern, the relative Fibonacci extension points suggest several potential targets. They including $1.08, $1.43, $1.80, and $2.14, while $1.80 denotes a key psychological resistance level. A likely breakout would need continued momentum exceeding the $0.45-$0.50 range.
