Stellar (XLM) is on the verge of its most awaited breakout against Bitcoin (BTC). The past few months had us believe that XLM/BTC had already broken out of the symmetrical triangle but that proved wrong. However, the price has been trading above its long term trend lien and has not breached it even once. Now, the question is, “Which way is Stellar most likely to break out?” Historically, we have seen that the direction the price is trading before it enters a symmetrical triangle continues to be the direction of the price when it exits that symmetrical triangle. So, looking at this chart, we can see that the price was trading up before it hit resistance and fell into the symmetrical triangle. Therefore, it is reasonable to assume that the price will break to the upside.
Stellar (XLM) has almost reached the full extent of its movement against Bitcoin (BTC) within the symmetrical triangle. There is no room for further movement. In fact, the price will have to take a decisive direction by December. Seasonality indicates that October to December is generally a bullish period of cryptocurrencies, so it is likely that we may see a breakout before then. Stellar (XLM) has seen a lot of interest during the past few months which has made it difficult for its price to slip below the $0.21 mark. Businesses as well as ICOs have shown interest not just in Stellar (XLM)’s use as a cryptocurrency but also in the Stellar blockchain. IBM seems to have done a good job at putting Stellar (XLM) in front of large corporations but it is just getting started and investors know it.
Stellar (XLM) reached a price of just over $1 during its previous bull run.