The Stellar (XLM) cryptocurrency has experienced significant growth in 2021, with the market price breaking through a long-term descending resistance line and exceeding the $0.100 level. This is a strong signal of further price increase, and withAnalytical tools like the Relative Strength Index (RSI) and Elliott Wave Theory, the next price prediction could be an increase towards the $0.150 level.

RSI is a tool that measures the speed at which an asset's price is changing, indicating whether it is overvalued, undervalued, and signalling when is the right time to buy, or sell. Values above 50 are seen as an indication that buyers have the momentum, and this is what is currently observed in XLM's weekly RSI.

Elliott Wave theory is a strategy that technical analysts use to benchmark long-term patterns and psychology, to define the direction of a trend. In the case of Stellar, the analysis indicates that the current market trend is bullish, and that the price could increase to a value of $0.121, in a 1:1.61 Fib ratio.

While the most likely scenario is an increase towards the next resistance of $0.150, a fall below the sub-wave one high at $0.099 could be invalidated, leading to a price drop to $0.070. Overall, the signs are looking positive and the future of Stellar could prove to be an exciting one.



Other News from Today