Stellar (XLM) Price Looks Ripe for Profit-Taking Before Higher Highs

The Stellar (XLM) price shows short-term bearish signs, which could precede a decrease to $0.090 and possibly $0.083.

Since May 2021, when it peaked at $0.798, the Stellar price had fallen in a descending wedge formation. Since the descending wedge is considered a bullish pattern, it is anticipated that it will frequently result in breakouts.

The descending wedge is just one of many bullish readings in this time frame. When Stellar’s price initially declined below the $0.084 support area in Dec, it bounced at the wedge’s support line (green icon) and then recaptured it. Such a reclaim is viewed as a positive event because it invalidates the prior breakdown.

This week, the Stellar price is in the process of breaking out from the descending wedge. Since the wedge has been in place for 616 days, a breakout from it could lead to a significant upward movement. The closest resistance area is at $0.130.

If, however, the Stellar price fails to sustain the breakout, it could fall and re-test the $0.084 area once more.

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