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Stellar Lumens Price Analysis: XLM Set for a Revival
Stellar Lumens (XLM) has been on the back foot recently, losing almost half of its value from the November peak. However, many technical signals and market conditions indicate a potential revival of cryptocurrency in the near future.
The XLM/USD is currently trapped within a falling wedge structure, which is considered a reversal pattern. This pattern started in December when Stellar was traded at $0.600. The upper trendline links the highs of December 2, 17, and 24, while the lower trendline links the lows of December 3, 9, and 20.
As these lines converge, the chances of a breakout rise. Should a breakout happen, analysts believe the initial target will be $0.500, about 50% above the current price. This prediction is backed by Fibonacci Retracement levels.
The 61.8% level at $0.2970 is anticipated as a potential bottom for XLM, supported by a Relative Strength Index (RSI) nearing oversold territory. This convergence of technical signals points to a possible rebound in January.
At the time of writing, XLM is trading at $0.33, registering a 1.45% decline in the last 24 hours.
Source: www.crypto-news-flash.com
