Stellar Lumen remains confined within a tight trading range as the popular cryptocurrency prepares for its next major directional move.
Stellar Lumen technical analysis shows that a breakout above the $0.095 resistance level could spark a major rally in the XLM/USD pair.
Stellar Lumen medium-term price trend
Stellar Lumen appears to be preparing for its next major move, as the XLM/USD pair trades sideways alongside the broader cryptocurrency market.
Stellar Lumen price analysis shows that the XLM/USD pair could rally by $0.065 if the $0.095 resistance level is overcome.
The daily time frame shows that a complex inverted head-and-shoulders pattern appears to be taking shape.
Buyers need to rally price above the $0.090 level to ignite the mentioned bullish reversal pattern.
According to the size of the bullish reversal pattern, the XLM/USD pair could rally towards the $0.150 level over the medium term.
Traders should note that the XLM/USD pair’s 2019 trading high is currently located around the $0.165 level.
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 $0.071 support level.
The one-hour time frame shows that the cryptocurrency is currently trapped within a symmetrical triangle pattern.
Currently the triangle pattern is narrowing, with the price trapped within the $0.075 to $0.080 levels.
According to the overall size of the symmetrical triangle pattern, the XLM/USD pair could rally towards the $0.096 area if a bullish breakout above the triangle takes place.
Stellar Lumen technical summary
Stellar Lumen technical analysis highlights that the cryptocurrency needs to break above the $0.089 resistance area to ignite a large inverted head-and-shoulders pattern.
