Stellar’s XLM Exhibits Bullish Chart Pattern, Mirroring XRP
Stellar’s XLM is displaying what analysts describe as the most bullish chart in the cryptocurrency market. This trend closely follows XRP‘s price movements, with historical data showing a strong correlation between the two. The correlation coefficient often exceeds 0.70, indicating synchronized price action during bullish phases.
Technical Analysis Suggests Potential Breakout
XLM is currently testing an ascending triangle resistance at $0.52. A successful breakout could propel the price to $0.63, representing a 35% increase. Supporting this outlook:
- The Relative Strength Index (RSI) remains below overbought levels
- Moving averages show a favorable alignment
- Veteran trader Peter Brandt highlights XLM’s potential if it surpasses $1
Historical Correlation with XRP
XLM’s 90% surge over the past month parallels XRP‘s 60% rally. Both assets, founded by the same individual, focus on cross-border payments, which often results in synchronized price movements.
Expert Perspectives and Market Forecast
“XLM could present the most bullish chart in the cryptocurrency space,” according to Peter Brandt. The asset’s future performance depends on overcoming key resistance levels, with market observers anticipating potential gains by August.
