The Stellar Lumens price is matching towards its all-time high. The XLM price is trading at $0.6700, which is slightly below its all-time high of $0.9050, which it reached in 2018. This year alone, Stellar has surged by more than 400%, bringing its total market cap to more than $15.7 billion. It is now the 10th biggest digital currency in the world.
What happened: In my last Stellar Lumens price prediction, I wrote that it would continue rising if bulls managed to move above $0.6087. I pointed to the bullish pennant pattern that was forming. This forecast was accurate as the currency rallied close to its all-time high. This rally was mostly because of the upcoming Coinbase listing and the overall rally of cryptocurrencies.
Indeed, most currencies, including Bitcoin, Dogecoin, and Ethereum have all rallied to their all-time highs. Another catalyst is that there is a possibility that the Fed will not hike rates any time soon after the inflation numbers published yesterday. This is evidenced by the performance of bond yields, which fell after the CPI numbers. So, what next for Stellar?
The daily chart shows that the Stellar price has broken out. This week, it managed to move above $0.6040, which was the previous year-to-date high. This price was also along the upper side of the cup and handle pattern, which is usually a continuation pattern.
It is also being supported by the 25-day and 15-day exponential moving averages and the ascending trendline. Therefore, in my view, it is just a matter of time before the XLM price surges to an all-time high at $0.9050. A drop below $0.50 will invalidate this prediction.
