- Summary:
- The XLM price prediction favours a downside move after the crypto all of 4 December broke down the symmetrical triangle.
The small consolidation area formed a potential continuation pattern within the triangle, which was resolved when the price broke the rectangle consolidation area and the triangle.
The scenario has paved the way for a continuation of the downside run, which could test the 0.1195 price mark as the potential price completion point.
This price scenario comes as the CEO of Stellar Development Foundation is set to testify with several crypto-related businesses on the future of finance and digital assets on 8 December. The XLM/USDT pair is down 3.49% as of writing.
XLM Price Prediction
The weekend decline resolved the symmetrical triangle in the expected direction, as the trend preceding the pattern was a downward trend. The breakdown move has violated the 0.2557 support, which remains under pressure as the bulls struggle to save that pivot. If this level gives way, 0.2007 and 0.1516 become additional price targets to the south.
On the flip side, bullish recovery requires a potential bounce on any of the support pivots, targeting a break of the recent highs at 0.4013 to aim for 0.4665 and potentially 0.5000. However, the bearish sentiment means that any rallies may become potential selling opportunities, mainly if the rally follows a decline below the 0.2557 support.
XLM/USDT: Daily Chart
