- Stellar (XLM) breaks out of consolidation, aiming for $0.7, $0.9, and higher targets.
- The Federal Reserve considers XLM for blockchain solutions in its FedNow payment system.
Stellar XLM price has surged to $0.27, marking a new yearly high after breaking out of prolonged consolidation near $0.10. This major rally confirms a strong bullish trend, supported by technical patterns and interest in Stellar as a blockchain solution.
Technical Analysis
The XLM price chart shows a remarkable breakout from a symmetrical triangle pattern, which followed months of consolidation near $0.10. The breakout aligns with the formation of the bullish “Three White Soldiers” candlestick pattern, signals a upward trend.
- $0.20 After breaking through this resistance level, XLM confirmed the end of wave two and entered a new bullish phase.
2.$0.27 The current wave has three peaks, marking the next key resistance - $0.70 A significant resistance level that aligns with previous price action, potentially paving the way for a breakout toward all-time highs.
- $0.90 The all-time high for XLM. Breaking this level would enter price discovery mode, where the asset’s value is determined purely by market demand.
The Role of Federal Reserve
Adding to the excitement, the Federal Reserve recently announced Stellar ($XLM) as a potential tool for powering the blockchain aspect of their FedNow payment system. This announcement underscores the growing recognition of Stellar’s capabilities in facilitating fast, secure, and efficient cross-border payments.
With support near $0.23 and resistance at $0.27, Stellar shows potential for further growth. If wave 5 forms, XLM could target $0.30 as the next psychological resistance. A break above $0.70 might pave the way for testing all-time highs at $0.90.
Stellar exhibits strong bullish momentum and technical breakout patterns, along with increasing institutional interest. Key levels to watch are $0.27, $0.70, and $0.90, as the network continues to demonstrate its potential as a leading blockchain solution for financial applications.
