XLM has formed a bullish pennant on the daily chart—a classic continuation pattern that typically follows a strong upward price surge. This formation, marked by a consolidation phase in the shape of a symmetrical triangle, suggests that buyers are briefly pausing before potentially resuming the uptrend.
A breakout above the pennant’s upper trendline would likely confirm bullish momentum, giving traders a clear signal to enter long positions. If this breakout occurs with strong volume, XLM could see an explosive move higher, potentially mirroring the size of the initial flagpole that led into the consolidation. Keep an eye on resistance levels as a break could spark the next leg up.
A breakout above the pennant’s upper trendline would likely confirm bullish momentum, giving traders a clear signal to enter long positions. If this breakout occurs with strong volume, XLM could see an explosive move higher, potentially mirroring the size of the initial flagpole that led into the consolidation. Keep an eye on resistance levels as a break could spark the next leg up.
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Full story here beincrypto.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.