Stellar Price Prediction: $0.56 Target After Breakout from Second Descending Channel

• Stellar (XLM) has recently formed a second descending channel on the 3D chart, signaling the possibility of a breakout that could propel the price upward. If the price moves beyond the resistance zone, traders expect it to target $0.56, marking a significant upside.

• The XLM price has been consolidating within this descending channel, with key support and resistance levels clearly defined. The lower support zone is near $0.21, which has held firm during recent tests. On the other hand, the resistance level, located at around $0.33, is the key level to watch. A breakout above this zone could lead to significant bullish momentum.

The breakout, if confirmed, could ignite further upward movement toward the $0.56 resistance zone.

• Traders are closely watching the price action to see if XLM can break out of this descending channel. If this happens, it would signal a shift in market sentiment, with potential for increased buying activity.

• This technical pattern could lead to a substantial price increase if the breakout is confirmed, creating new opportunities for both short-term and long-term traders. The broader market context remains favorable for XLM, and if the price surpasses the resistance zone at $0.33, a rally toward $0.56 may follow in the near future.

My Take: The $0.33 resistance is the critical make-or-break level for XLM right now. If bulls can push through with strong volume, the path to $0.56 looks clear based on the channel pattern. However, failure to break could mean more consolidation around $0.21.

Source: Whales_Crypto_Trading