Stellar Lumen price analysis: 2020 high may come into focus
09:12, 29 April 2020
Stellar Lumen staged an explosive rally above $0.060 level last week as Bitcoin and a number of top coins broke to the upside.
Stellar Lumen technical analysis shows that a major technical breakout has occurred, which could lead to a technical test of the current 2020 trading high.
Stellar Lumen medium-term price trend
Stellar Lumen gained over twenty percent in value last week and was amongst the top performing cryptocurrencies inside the top 20 by market capitalization.
Stellar Lumen price analysis shows that bulls have broken from a large falling wedge pattern and could start to target the $0.080 level over the medium-term.
The daily time frame currently shows that the XLM/USD pair broke past its 200-day moving average last week, and turned technically bullish for the first time since February 25th.
The large falling wedge pattern breakout indicates that cryptocurrency could test towards the best levels of 2020 if the $0.080 level is overcome.
The $0.050 level is the key area to watch this week as it marks the breakout point from the mentioned falling wedge pattern.
If bears break the $0.050 level it is possible that the XLM/USD pair will slide sharply and fall towards the bottom of the wedge pattern, around the $0.030 level.
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Stellar Lumen short-term price trend
Stellar Lumen technical analysis over the short term shows that the cryptocurrency only has a bullish bias while the price trades above the $0.046 support level.
The four-hour time frame shows that a bullish inverted head-and-shoulders pattern has recently formed, following last weeks breakout.
Looking more closely at the pattern, neckline support from the inverted head-and-shoulders pattern is found at the $0.060 level.
According to the size of the pattern the XLM/USD pair could rally towards the $0.090 level if the bullish pattern is triggered into action.
Stellar Lumen technical summary
Stellar Lumen technical analysis highlights that the cryptocurrency has staged a major technical breakout from a falling wedge pattern. The $0.090 level is seen as a possible bullish target.
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