The Stellaire (XLM) market recorded a price increase in the last day with 10.77% according to Data from coinmarketcap. After a rather bearish week, this prize Stuiter is characterized by considerable losses in the general cryptomarket. Interesting is that, since this digital assets demonstrate some small recovery, the famous market analyst Ali Martinez has postulated that XLM may be preparing for a large bullish swing.
XLM’s Bullish flag could propel the prices up to $ 1.20 – analyst
In one X On March 1, Martinez shared an interesting technical analysis of the XLM market. According to the MarktExpert, there is a bullish flag formation on the XLM/USDT 3-day trading chart that indicates an incoming price button.
For the context, the bullish flag pattern occurs when an actively experiences a steep price increase that represents the flagpole, followed by a consolidation period with a falling price movement that represents the flag. The bullish flag is formed on the XLM/USDT graph after a price rally in November 2024, which has been followed to date by a price correction phase.
Although the bullish flag can indicate a potential up momentum that is ready to explode, Stellar must break beyond the upper limit of the flag that is currently at $ 0.41 to confirm any price increase. In addition to this level, the Altcoin will also offer considerable resistance to its upward movement at $ 1.00, $ 1.21 and $ 1.41 price levels respectively.
In the presence of sufficient purchasing pressure, however, XLM could increase by at least 330% after confirming the bullish intention that suggests a minimum price of approximately $ 1.20. This projected rise of Stellaire stems from historical data from which a bullish flag is expected to produce market profits that are comparable to the length of its flagpole.
Interestingly, the Relative Strength Index (RSI) on the XLM/USDT Daily Chart also supports the bullish potential of the Altcoin. According to Data from TradingView, this RSI is currently 4.59 in the upward direction, which gives more room for XLM price gains after the recent recovery.
XLM price overview
At the time of writing, XLM acts at $ 0.3141 after the price increase of 10% in the last 24 hours as mentioned earlier. In the meantime, there is a slight reduction in market involvement, as indicated by a fall of 1.12% in daily trading volume.
It is worth noting that XLM still stays in the red zone on its weekly and monthly timetables with losses of 5.94% and 27.28%, which recently suggests a larger bearish market control. For a bullish flag outbreak, XLM traders must increase the current buying pressure and cause a higher trade volume.