Stellar Lumen has rallied to its highest trading level since early February, after bulls stepped in from $0.070 level this week.
Stellar Lumen technical analysis shows that bulls may be preparing to attack towards the $0.095 resistance level.
Stellar Lumen medium-term price trend
Stellar Lumen remains one of the best performing top cryptocurrencies, with the XLM/USD posting double-digit gains this week.
Stellar Lumen price analysis shows that the XLM/USD pair is likely to target towards the $0.095 level over the medium-term.
The daily time frame shows that an extremely large inverted head and shoulders pattern will form if price reaches the 18 September swing-high, around the $0.095 level.
According to the size of the bullish reversal pattern the XLM/USD pair could rally by nearly $0.075 if the pattern is activated.
Technical analysis shows that medium-term bulls will likely buy any dips towards the $0.077 to $0.072 technical area.
Stellar Lumen short-term price trend
Stellar Lumen technical analysis over the short term shows that the cryptocurrency has a bullish bias while the price trades above the $0.072 support level.
The one-hour time frame shows that a small bullish pattern has been activated, following the recent rally above the $0.077 level.
According to the size of the bullish inverted head and shoulders pattern, the XLM/USD pair may rally towards the $0.092 level.
Due to the XLM/USD pair’s strong short and medium-term bias, it is increasingly likely that the cryptocurrency will rally towards the $0.092 to $0.095 area.
Over the medium-term, an even larger breakout above the $0.100 level also seems possible.
Stellar Lumen technical summary
Stellar Lumen technical analysis highlights that the cryptocurrency is expected to rally towards the $0.092 to $0.095 resistance area. A larger bullish pattern may be forming.